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The CRE Finance Council Announces Its 2026 Class of ‘20 Under 40’

June 3, 2026

The CRE Finance Council (CREFC), the trade association representing the over $6 trillion commercial and multifamily real estate finance industry, today announced its 2026 class of accomplished ‘20 Under 40’ honorees. Each year, CREFC’s ‘20 Under 40’ program recognizes outstanding young commercial real estate finance professionals who are reshaping the industry through their ideas, leadership, and execution. The recipients will be recognized at CREFC’s Annual Conference in New York City next week.

This year’s recipients have come of age during one of the most demanding and rapidly evolving market environments in recent memory. They have navigated market dislocation, embraced new technologies, and brought increasingly sophisticated analytical and operational expertise to every corner of the business. Their work is helping to shape the future direction of the commercial real estate finance industry.

The honorees contribute across every segment of CRE finance, including balance-sheet and securitized lending, bond investing, private debt and equity, loan servicing, credit ratings, and advisory services. In addition to their professional accomplishments, many are active participants in CREFC committees, events, mentorship efforts, and industry initiatives, helping ensure CREFC’s Young Professionals (YP) programming remains relevant, engaging, and impactful for the next generation of industry leaders.

“The members of CREFC’s 2026 ‘20 Under 40’ class have already distinguished themselves as exceptional professionals and emerging leaders within commercial real estate finance,” said Lisa Pendergast, President and CEO of CREFC. “They have built their careers during a period defined by market volatility, shifting capital flows, and rapid industry transformation, yet they continue to bring fresh thinking, innovation, and leadership to the market.”

Pendergast added, “Their contributions extend well beyond their day-to-day roles. Through their active engagement with CREFC and the broader industry, these professionals are helping strengthen the future of CRE finance and shape the next generation of industry leadership.”

CREFC’s annual ‘20 Under 40’ awards are part of the organization’s ongoing commitment to supporting and recognizing emerging leaders in commercial real estate finance through education, mentorship, networking, and professional development opportunities.
  
2026 ‘20 Under 40’ Honorees

KAREN ANZALONE
Partner
Katten Muchin Rosenmann LLP
  
KATIE BASKIN
Associate
McGuireWoods LLP
  
SEAN BASTIAN
Senior Director, Capital Markets | Institutional Advisory
Walker & Dunlop
  
RAVI BELSARE
Principal
Apollo Global Management
  
STEVEN BERNSTEIN
Managing Director
Harbor Group International
  
DARREN BREDA
Managing Director
Affinius Capital
  
ZACHARY CION
Managing Director
Hudson Bay Capital
  
JONATHAN COHEN
Senior Director
MONTICELLOAM, LLC
  
MARCELLO CRICCO-LIZZA
Managing Director, Principal, and Head of CRE Lending
Balbec Capital LP
  
ALLISON DELONG
Managing Director
Greystone Servicing Company LLC
  
MICHAEL DILLON
Vice President, CMBS Trading & Analytics
Prime Finance Partners
  
SANG KIM
Director, Investments
Lionheart Strategic Management
  
DANIEL LIM
Investment Director
AustralianSuper
  
ALISON MACKENZIE
Senior Associate
King & Spalding LLP
  
NEEL MUNOT
Senior Director, CMBS
Kroll Bond Rating Agency
  
GABRIELLE NEISS
Commercial Bank Counsel
Capital One
  
CHRISTOPHER PRATT
Director
JLL Capital Markets
  
SAMANTHA ROTCHFORD
Managing Director
BDT & MSD Partners
  
WILL STILES
Director
Citi
  
SAMIR TEJPAUL
Head of Investments
Madison Realty Capital

To learn more about CREFC’s 2026 class of ‘20 Under 40’ recipients, click here. For questions, please contact Danielle Nathan. 

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The CRE Finance Council Announces Its 2026 Class of ‘20 Under 40’

CREFC recognizes rising leaders helping shape the future of commercial real estate finance

NEW YORK, NY — June 3, 2026 — The CRE Finance Council (CREFC), the trade association representing the over $6 trillion commercial and multifamily real estate finance industry, today announced its 2026 class of accomplished ‘20 Under 40’ honorees. Each year, CREFC’s ‘20 Under 40’ program recognizes outstanding young commercial real estate finance professionals who are reshaping the industry through their ideas, leadership, and execution. The recipients will be recognized at CREFC’s Annual Conference in New York City next week.

This year’s recipients have come of age during one of the most demanding and rapidly evolving market environments in recent memory. They have navigated market dislocation, embraced new technologies, and brought increasingly sophisticated analytical and operational expertise to every corner of the business. Their work is helping to shape the future direction of the commercial real estate finance industry.

The honorees contribute across every segment of CRE finance, including balance-sheet and securitized lending, bond investing, private debt and equity, loan servicing, credit ratings, and advisory services. In addition to their professional accomplishments, many are active participants in CREFC committees, events, mentorship efforts, and industry initiatives, helping ensure CREFC’s Young Professionals (YP) programming remains relevant, engaging, and impactful for the next generation of industry leaders.

“The members of CREFC’s 2026 ‘20 Under 40’ class have already distinguished themselves as exceptional professionals and emerging leaders within commercial real estate finance,” said Lisa Pendergast, President and CEO of CREFC. “They have built their careers during a period defined by market volatility, shifting capital flows, and rapid industry transformation, yet they continue to bring fresh thinking, innovation, and leadership to the market.”

Pendergast added, “Their contributions extend well beyond their day-to-day roles. Through their active engagement with CREFC and the broader industry, these professionals are helping strengthen the future of CRE finance and shape the next generation of industry leadership.”

CREFC’s annual ‘20 Under 40’ awards are part of the organization’s ongoing commitment to supporting and recognizing emerging leaders in commercial real estate finance through education, mentorship, networking, and professional development opportunities.

2026 ‘20 Under 40’ Honorees

KAREN ANZALONE
Partner
Katten Muchin Rosenmann LLP

KATIE BASKIN
Associate
McGuireWoods LLP

SEAN BASTIAN
Senior Director, Capital Markets | Institutional Advisory
Walker & Dunlop

RAVI BELSARE
Principal
Apollo Global Management

STEVEN BERNSTEIN
Managing Director
Harbor Group International

DARREN BREDA
Managing Director
Affinius Capital

ZACHARY CION
Managing Director
Hudson Bay Capital

JONATHAN COHEN
Senior Director
Monticelloam, LLC 

MARCELLO CRICCO-LIZZA
Managing Director, Principal, and Head of CRE Lending
Balbec Capital LP

ALLISON DELONG
Managing Director
Greystone Servicing Company LLC

MICHAEL DILLON
Vice President, CMBS Trading & Analytics
Prime Finance Partners

SANG KIM
Director, Investments
Lionheart Strategic Management

DANIEL LIM
Investment Director
AustralianSuper

ALISON MACKENZIE
Senior Associate
King & Spalding LLP

NEEL MUNOT
Senior Director, CMBS
Kroll Bond Rating Agency

GABRIELLE NEISS
Commercial Bank Counsel
Capital One

CHRISTOPHER PRATT
Director
JLL Capital Markets

SAMANTHA ROTCHFORD
Managing Director
BDT & MSD Partners

WILL STILES
Director
Citi

SAMIR TEJPAUL
Head of Investments
Madison Realty Capital

To learn more about CREFC’s 2026 class of ‘20 Under 40’ recipients, click here.

About CREFC
The CRE Finance Council (CREFC) is the trade association for the over $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 over 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. For more information, visit www.crefc.org.

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CREFC GSE / Multifamily Lenders Forum Update

June 2, 2026 

On May 20, the CREFC GSE / Multifamily Lenders Forum convened an executive roundtable dinner in Washington, D.C. Hosted by CREFC CEO and President Lisa Pendergast, the event brought together prominent business leaders from across the GSE and multifamily sectors for an open-forum exchange.

Senior representatives from Fannie Mae and Freddie Mac — as well as Barclays, Cantor Fitzgerald, CBRE, Citi, JPMorgan Chase, PGIM, Regions Bank, Walker & Dunlop, and Wells Fargo — engaged in high-level discussions on housing affordability and evaluating the market impact of the recently released Basel regulatory capital proposal on agency bond buyers.

GSE Forum leadership is now turning its focus to the upcoming CREFC Annual Conference in New York City starting this Sunday. At the conference, each forum will deliver a comprehensive market briefing of the current state of their market sectors. Today, we focus on the GSE / Multifamily Lenders Forum Panel, scheduled for Monday, June 8, at 11:30 AM EST.

Moderator:

• Lee Green, Managing Director, Wells Fargo

Panelists:

• Yahli Becker, Senior Managing Director, Head of Agency CMBS, Cantor Fitzgerald
• Jeff Berenbaum, Head of CMBS Research, Citigroup Global Markets
• Jason Griest, Vice President, Multifamily Capital Markets Securitization, Freddie Mac
• David Haynes, Head of Agency Trading, CBRE Capital Markets
• Matthew Jones, CFA, Chief Investment Officer – Credit Investments, Harbor Group

Key Discussion Highlights:

• Market Fundamentals: Agency CMBS market trends, supply pipelines, vacancy rates, rent growth trajectories, and the overall NOI outlook.
• Origination Dynamics: Expected loan production volumes and the evolving multifamily lending environment.
• Investor Sentiment: Credit investor and borrower perspectives on asset valuation, market resilience, and current investor sales trends.

To join the CREFC GSE/Multifamily Lenders Forum, please click here.

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Reconciliation Update

June 2, 2026

The Senate delayed its action on Reconciliation 2.0 amid concerns over the Department of Justice’s establishment of a fund to provide payments to claimants harmed by the weaponization of government under previous administrations. 

Why it matters: Reconciliation 2.0 is narrowly focused on funding ICE and the Customs and Border Patrol (CBP) through the end of the Trump administration. Congress had the goal of enacting the funding by June 1. 

• The $1.776 billion Weaponization Fund was established as part of a settlement of President Trump’s $10 billion lawsuit against the IRS for the leak of his tax returns in the first Trump administration. 
• The fund would be overseen by a board of five presidential appointees and provide monetary payments to applicants harmed by government action. 
• Senate Republicans were highly critical of the fund during a meeting with the Acting Attorney General. 
• The announcement landed shortly before a key vote series on reconciliation known as a Senate Vote-a-Rama. The vote series allows Senators to offer unlimited amendments to the reconciliation bill. 

Senate leadership postponed the vote series because the fund could have been stripped through the amendment process, which would have put Senators at odds with the White House. 

• GOP leadership prefers to negotiate guardrails or acceptable management of the fund rather than put its members in a difficult position of opposing the President or supporting a politically unpopular position. 
• The Senate and the White House have been at odds over a $1 billion request in the reconciliation bill to fund “East Wing Improvements,” tagged as the White House ballroom renovation. The Senate parliamentarian threw out that provision, as it was unlikely to survive in the Senate or House versions. 

The development is a major setback for the reconciliation process and will delay other legislative actions in the Senate as leadership works out a solution. 

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Trump Wary GOP Senators 

June 2, 2026

President Donald Trump has demonstrated again that his influence over Republican primary voters remains unmatched. He has challenged and beaten members in both the House and Senate for perceived disloyalty to him over the past few weeks.

Trump-backed candidates ended the political careers of two longtime Republican senators. Trump separately helped push a third toward the exit last summer.

• Texas: Attorney General Ken Paxton defeated Sen. John Cornyn in a stunning primary upset after securing Trump's endorsement. 
• Louisiana: Sen. Bill Cassidy lost renomination after years of strained relations with the president following his impeachment vote. 
• North Carolina: Sen. Thom Tillis opted against seeking reelection last summer after Trump publicly threatened to support a primary challenger.

Why it matters: These outcomes are a powerful reminder that Trump remains the dominant force within the Republican Party. Very few elected Republicans are likely to miss this lesson. 

However, governing is different from campaigning. The members who lost their primaries will continue serving in the Senate for the remainder of this Congress and do not have political futures that depend on demonstrating loyalty to the president.

• This reality creates a potentially uncomfortable dynamic for the White House, which still faces major legislative battles over its agenda in Reconciliation 2.0, judicial appointments, appropriations, and government funding this fall.
• Recent reporting has already identified what some observers are calling a Republican "wounded bear caucus"; i.e., retiring or departing senators who are more willing to challenge the administration when they disagree with its positions. 

Cornyn, Cassidy and Tillis sit squarely in the wounded bear caucus, while other Senators (McConnell, Collins, and Murkowski) may vote against Trump as well. As we detail below, if they remain unified, the six of them could effectively stall the GOP agenda in the Senate.

Senator Mitch McConnell (R-KY) is retiring and voted against multiple Trump cabinet picks last year; there could be more to come as he has no reason to help Trump during his final six months in Congress.

Sens. Lisa Murkowski (R-AK) & Susan Collins (R-ME) both voted to convict President Trump on impeachment charges in 2021, and may be emboldened to vote against him moving forward. 

• Sen. Collins is running for re-election in a tough race against presumptive Democratic nominee Graham Platner and needs to show her blue leaning state why voters should give her another term in Congress. Votes against Trump could help her make the case to be re-elected.
• Sen. Murkowski is up for re-election in 2028 and may not feel the need to vote with Trump, as he has not been shy about his frustrations with her in the past. The political headwinds against President Trump (who is currently sitting with a 34 % approval rating) could further embolden her to take votes against him as she gears up for another campaign.

The president won the primaries. Whether he can maintain the Senate coalition necessary to enact the rest of his agenda before the midterms remains a more complicated question.

The bottom line: Trump's success in reshaping the Republican Party may come with a governing cost. By proving he can remove dissenters from future Republican positions, he may also have created a group of senators who feel little obligation to support him in the present.

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SFR/BTR Bill Update: Senate Says “Still Work to Be Done” on Housing Bill

June 2, 2026

The House version of the 21st Century ROAD to Housing Act (H.R. 6644) faces an unclear path to enactment in the Senate. 

• Both versions include a ban on large institutional investors purchasing single-family rentals (SFR). 
• The version passed by the House on May 20 removed the seven-year build-to-rent (BTR) divestment requirement, but it largely mirrors the Senate-passed language. 
• CREFC continues to push for changes to avoid impacts on multifamily rental properties, including BTR. Click here for CREFC’s statement.

Why it matters: The House and Senate have been passing and sending back different versions of house bills over the past year. 

• Since January, the White House has demanded any legislation include bans on institutional investors owning single-family homes. 
• The House introduced amended legislation on May 13 that included significant and meaningful changes to the SFR position that would have limited unintended impacts on BTR and multifamily housing. 
• However, the House abruptly changed the language to mirror the Senate version they day before the vote after negotiating with the White House. 
• The House passed its latest version on May 20 by 396-13 The Senate passed its latest version on March 12 by 89-9.
  

What they’re saying: The House bill includes key community banking bills championed by Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA), among other tweaks to the housing legislation. 

• Ahead of the House vote, the White House issued a Statement of Administrative Procedure supporting the bill and saying if it were to pass both chambers, staff would recommend that President Trump sign it. 
• Senate Banking Chairman (R-SC) and Ranking Member Elizabeth Warren (D-MA) said in a statement that there is “still work to be done” with the House and White House on getting a housing bill that can pass the Senate. Warren has so far opposed the community banking bills. 

Go deeper: While the opposition to the legislation has largely focused on the seven-year BTR divestment requirement, CREFC remains concerned with other aspects of the language that could impact multifamily or other excluded property types. 

• The single-family definition could still include multiple detached or townhome structures on a single-tax parcel. 
• Exemptions in the bill for servicers and creditor REO properties may still limit the resale of SFR and BTR portfolios.
• Although Treasury can issue regulation, the law goes into effect 180 days after enactment—with or without regulation. 

Beyond the SFR provisions, the House also made changes to a Senate drafting error that would have lowered HUD FHA multifamily loan limits. The new language updates them as originally intended and establishes a new inflation adjustment metric. 

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