News

The CRE Finance Council Announces New Chairs for Industry Forums 

New Chairs and Chair-Elects Introduced at Annual June Conference

The CRE Finance Council (CREFC) announced new Chairs for the 2025-2026 industry Forums. The new Forum leadership was elected at CREFC’s Annual June Conference in New York City on Tuesday.

CREFC’s Forums represent specific market constituencies that drive the U.S. commercial real estate finance industry. Forums include:

• Alternative Lenders and High-Yield Investors
• CMBS B-Piece Investors 
• CMBS Investment-Grade Bondholders 
• CMBS Issuers 
• CMBS Servicers 
  • Master Servicers
  • Special Servicers
• GSE/Multifamily Lenders 
• Portfolio Lenders
  • Bank Lenders 
  • Insurance Company Lenders 

Each Forum interacts and addresses issues critical to their business sector, while working to achieve solutions that serve a common purpose. CREFC’s Forums manage disparate and converging market views, advocate a consensus of positions to policymakers and lawmakers, educate members, develop market best practices and standards, and work to improve the entire commercial real estate finance market.
  
The incoming slate of Forum leaders includes:

Contact 

News Archive

News

Forum Spotlight: GSE/Multifamily Lenders

November 5, 2024

Ahmed Hasan (Forum Chair), David Haynes (Chair-Elect), and Kate Whalen (Past Chair), as well as Jason Griest and Alonzo White (both GSE representatives), form the “Leadership Working Group” of CREFC’s GSE/Multifamily Lenders Forum. This group sets agendas and priorities for the Forum and represents their constituencies on CREFC’s Policy Committee.

Key GSE/Multifamily Lenders Focus Areas:

• Sustained elevated interest-rate environment and the uncertainty of how quickly, or if, long-term interest rates will change
• Investor appetite for increased agency issuances
• Upcoming presidential election and 2025 FHA scorecard/updates that may impact 2025 business

What They Are Saying: The GSE multifamily sector continues to stand out as an area of strong credit despite the challenges of a sustained high-rate environment and the impact inflation has had on property performance.

The GSEs have seen a significant increase in multifamily mortgage originations in the second half of 2024. The uptick is driven by:

• A decrease in U.S. Treasury rates and
• Increased investment sales activity.

Despite the current volatility in economic data and benchmark rates, there is optimism that the momentum will continue and the market expand in 2025.

By the Numbers: CREFC polled the audience at its June 2024 annual conference and found that 56% of participants expected GSE multifamily issuance to end 2024 north of $100 billion. Today, that expectation likely will come to fruition, thanks to a significant increase in originations spurred on by a sharp third-quarter decrease in U.S. Treasury rates.

Key Forum Policy Issue: Tenant Protections

In July 2024, FHFA issued a new policy for multifamily properties financed by the GSEs to include a minimum of a:

1. 30-day notice of a rent increase
2. 30-day notice of a lease expiration
3. Five-day grace period for late rent payments

These standards will go into effect for all new loans on or after February 20, 2025.

What’s Next: CREFC’s DC Symposium on Nov. 13 will feature a conversation between Freddie Mac CEO Diana Reid and Bob Foley, Partner, TPG Real Estate and Chief Financial Officer, TPG RE Finance Trust, Inc. Mr. Foley is also the acting Chair of CREFC’s Board of Governors. Symposium attendees are sure to be keenly interested in the housing agency CEO’s perspectives on key issues impacting the industry and how Freddie Mac provides liquidity, stability, and affordability for housing in communities nationwide.

GSE Forum leaders look forward to presenting CREFC members with an update on their forum at CREFC’s January Conference in Miami, to be held from January 12-15, 2025.

As June 2025 approaches, the chairs will seek nominations for the next Chair Elect to join their leadership slate. To join the GSE/Multifamily Lenders Forum, please register here.

Please contact Rohit Narayanan (RNarayanan@crefc.org) with any questions

Contact 

News Archive

News

The CRE Finance Council Announces New Chairs for Industry Forums

June 11, 2024

New Chairs and Chair-Elects Introduced at Annual June Conference

The CRE Finance Council (CREFC) announced today new Chairs for the 2024-2025 industry Forums. The new Forum leadership was introduced at CREFC’s Annual June Conference in New York City.

CREFC’s Forums represent specific market constituencies that drive the U.S. commercial real estate finance industry. Forums include:

• Alternative Lenders and High Yield Investors
• B-Piece Investors
• GSE/Multifamily Lenders
• Investment-Grade Bondholders
• Issuers
• Portfolio Lenders
• Servicers

Each of these Forums interacts and addresses issues critical to their business sector and works to achieve solutions that serve a common purpose. CREFC’s Forums manage disparate and converging market views, advocate a consensus of positions to policymakers and lawmakers, educate members, develop market best practices and standards, and work toward the betterment of the entire commercial real estate finance market.

The Incoming slate of Forum leaders includes:

Alternative Lenders & High Yield Investors: CREFC welcomes Rachel Hunter-Goldman (KKR) as Chair-Elect, Samantha Rotchford (MSD) as Chair, and Samir Tejpaul (Square Mile Capital Investments) as Past Chair.

B-Piece Investors: CREFC welcomes Frank Yin (KKR) as Chair-Elect, Peter Lindner (Rialto) as Chair, and Jason Nick (LNR) as Past Chair. In 2023-2024, Lyndsay Stephenson (Prime Finance Partners) served as Past Chair.

GSE/Multifamily Lenders: CREFC welcomes David Haynes (CBRE) as Chair-Elect, Ahmed Hasan (Capital One) as Chair, and Kate Whalen (BMO) as Past Chair. In 2023-2024, the Past Chair was Emily Schultz (Berkadia Commercial Mortgage). Alonzo White (Fannie Mae) and Jason Griest (Freddie Mac) serve as government-sponsored enterprise representatives.

Investment-Grade Bondholders: CREFC welcomes Adam Smith (DWS) as Chair-Elect, Rajesh Bansal (Quiq Capital) as Chair, and Richard Razza (Webster Bank) as Past Chair. In 2023-2024, Jane Rivers (T. Rowe Price) served as Past Chair.

Issuers: CREFC welcomes Shaishav Agarwal (Deutsche Bank) as Chair-Elect, Brigid Mattingly (Wells Fargo) as Chair, and Jane Lam (Morgan Stanley) as Past Chair. In 2023-2024, David Schell (BMO Capital Markets) served as Past Chair.

Portfolio Lenders – Banks: CREFC welcomes Kristin Khanna (Barclays) as Chair-Elect, Rob Grudzinski (U.S. Bank) as Chair, and Scott Dixon (Truist) as Past Chair. In 2023-2024, Jonathan Salzinger (Bank of America) served as Past Chair.

Portfolio Lenders – Insurance Company: CREFC welcomes Melissa Farrell (PGIM) as Chair-Elect, Kevin Pivnick (Blackstone) as Chair, and Chris Miculis (Nuveen) as Past Chair. In 2023-2024, Stefanie Stewart (Voya Investment Management) served as Past Chair.

Servicers – Servicing Administration: CREFC welcomes Dana Jo Martino (Berkadia) as Chair-Elect, Adam Fox (Fitch Ratings) as Chair, and Leslie Hayton (Wells Fargo) as Past Chair. In 2023-2024, Stacy Ackermann (K&L Gates) served as Past Chair.

Servicers – Special Situations: CREFC welcomes Alex Killick (CWCapital) as Chair-Elect, Pam Dent (Freddie Mac) as Chair, and Tony Yousif (SVN) as Past Chair. In 2023-2024, Andrea Helm (Midland Loan Services) served as Past Chair.

“We want to welcome the new members of our CREFC industry Forums and thank existing and past Forum members for their dedication and excellent work,” said Lisa Pendergast, Executive Director of CREFC.

“For 30 years, CREFC has served as the voice of the now $6 trillion commercial real estate finance industry and CREFC’s industry Forums continue to play a key role in ensuring all industry voices are heard and respected. CREFC’s Forums serve a vital industry function, as they represent key components of the CRE finance markets. A core function of Forum leaders is to work toward consensus among their constituents and then advocate those positions to other market segments and to policy and lawmakers. Forum leaders are also charged with assisting the development of industry best practices and implementing new initiatives critical to their business sectors. I and the entire CREFC community are grateful for our Forum leaders and their contributions and dedication to CRE finance.”

Contact 

News Archive

News

The CRE Finance Council Announces New Chairs for Industry Forums

June 11, 2024

New Chairs and Chair-Elects Introduced at Annual June Conference

NEW YORK, June 11, 2024 – The CRE Finance Council (CREFC) announced today new Chairs for the 2024-2025 industry Forums. The new Forum leadership was introduced at CREFC’s Annual June Conference in New York City.

CREFC’s Forums represent specific market constituencies that drive the U.S. commercial real estate finance industry. Forums include:

• Alternative Lenders and High Yield Investors
• B-Piece Investors
• GSE/Multifamily Lenders
• Investment-Grade Bondholders
• Issuers
• Portfolio Lenders
• Servicers

Each of these Forums interacts and addresses issues critical to their business sector and works to achieve solutions that serve a common purpose. CREFC’s Forums manage disparate and converging market views, advocate a consensus of positions to policymakers and lawmakers, educate members, develop market best practices and standards, and work toward the betterment of the entire commercial real estate finance market.

The Incoming slate of Forum leaders includes:

Alternative Lenders & High Yield Investors. CREFC welcomes Rachel Hunter-Goldman (KKR) as Chair-Elect, Samantha Rotchford (MSD) as Chair, and Samir Tejpaul (Square Mile Capital Investments) as Past Chair.

B-Piece Investors: CREFC welcomes Frank Yin (KKR) as Chair-Elect, Peter Lindner (Rialto) as Chair, and Jason Nick (LNR) as Past Chair. In 2023-2024, Lyndsay Stephenson (Prime Finance Partners) served as Past Chair.

GSE/Multifamily Lenders: CREFC welcomes David Haynes (CBRE) as Chair-Elect, Ahmed Hasan (Capital One) as Chair, and Kate Whalen (BMO) as Past Chair. In 2023-2024, the Past Chair was Emily Schultz (Berkadia Commercial Mortgage). Alonzo White (Fannie Mae) and Jason Griest (Freddie Mac) serve as government-sponsored enterprise representatives.

Investment-Grade Bondholders: CREFC welcomes Adam Smith (DWS) as Chair-Elect, Rajesh Bansal (Quiq Capital) as Chair, and Richard Razza (Webster Bank) as Past Chair. In 2023-2024, Jane Rivers (T. Rowe Price) served as Past Chair.

Issuers: CREFC welcomes Shaishav Agarwal (Deutsche Bank) as Chair-Elect, Brigid Mattingly (Wells Fargo) as Chair, and Jane Lam (Morgan Stanley) as Past Chair. In 2023-2024, David Schell (BMO Capital Markets) served as Past Chair.

Portfolio Lenders – Banks: CREFC welcomes Kristin Khanna (Barclays) as Chair-Elect, Rob Grudzinski (U.S. Bank) as Chair, and Scott Dixon (Truist) as Past Chair. In 2023-2024, Jonathan Salzinger (Bank of America) served as Past Chair.

Portfolio Lenders – Insurance Company: CREFC welcomes Melissa Farrell (PGIM) as Chair-Elect, Kevin Pivnick (Blackstone) as Chair, and Chris Miculis (Nuveen) as Past Chair. In 2023-2024, Stefanie Stewart (Voya Investment Management) served as Past Chair.

Servicers – Servicing Administration: CREFC welcomes Dana Jo Martino (Berkadia) as Chair-Elect, Adam Fox (Fitch Ratings) as Chair, and Leslie Hayton (Wells Fargo) as Past Chair. In 2023-2024, Stacy Ackermann (K&L Gates) served as Past Chair.

Servicers – Special Situations: CREFC welcomes Alex Killick (CWCapital) as Chair-Elect, Pam Dent (Freddie Mac) as Chair, and Tony Yousif (SVN) as Past Chair. In 2023-2024, Andrea Helm (Midland Loan Services) served as Past Chair.

“We want to welcome the new members of our CREFC industry Forums and thank existing and past Forum members for their dedication and excellent work,” said Lisa Pendergast, Executive Director of CREFC.

“For 30 years, CREFC has served as the voice of the now $6 trillion commercial real estate finance industry and CREFC’s industry Forums continue to play a key role in ensuring all industry voices are heard and respected. CREFC’s Forums serve a vital industry function, as they represent key components of the CRE finance markets. A core function of Forum leaders is to work toward consensus among their constituents and then advocate those positions to other market segments and to policy and lawmakers. Forum leaders are also charged with assisting the development of industry best practices and implementing new initiatives critical to their business sectors. I and the entire CREFC community are grateful for our Forum leaders and their contributions and dedication to CRE finance.” 

Contact:

Mary Beth Ryan
Senior Director, 
Communications
646.884.7567
mryan@crefc.org

Contact 

News Archive

News

Forum Spotlight: GSE/Multifamily Lenders

October 30, 2023

Together, Kate Whalen (Forum Chair), Ahmed Hasan (Chair-Elect), Emily Schultz (Past Chair), along with Jason Griest and Alonzo White (both GSE representatives) form the “Leadership Working Group” of CREFC’s GSE/Multifamily Lenders Forum. Importantly this group sets the agendas and priorities for the Forum, as well as represents their constituencies on CREFC’s Policy Committee.

Key GSE/Multifamily Lenders Focus Areas:

• Macro volatility - how are rising rates and fluctuating credit spreads impacting issuance;
• Availability of credit in the wake of the regional banking crisis;
• Upcoming FHA scorecard and updates around how any changes may impact 2024 business.

What they’re saying: The GSE and multifamily arena stands out as an area of strong credit amid a tidal wave of concerns in the commercial real estate sector. Yet, heightened macro volatility and continued elevated benchmark rates, have caused multifamily loan originations and securities issuance to remain significantly depressed.

By the Numbers. CREFC polled the audience at its June 2023 annual conference and found that over 50% of participants expected GSE multifamily issuance to end 2023 north of $100 billion. Today, that goal is unlikely to be met for two reasons:

• A significant valuation gap exists between buyers and sellers, and
• Considerations around mission driven business.

CREFC is hosting its fall DC Symposium on November 28 with FHFA Director Sandra Thompson speaking with CREFC’s Executive Director, Lisa Pendergast. Attendees will be eager to hear the Director’s thoughts on issues such as the state of multifamily housing, housing affordability, and tenant protections.

Key Policy Issues:

SEC’s Conflict of Interest in Securitization Proposal

• The proposal is intended to prevent securitizers from designing a transaction to fail and then profiting from a bet against that transaction.
• The definitions are broadly written and could engulf numerous CMBS participants and a broad range of “conflicted activities” that go beyond shorting a transaction. GSE securities are not exempt from the proposal.
• CREFC submitted two comment letters on the issue and is engaging with lawmakers on Capitol Hill.

Basel Endgame Capital Proposal

• The federal banking regulators have proposed raising capital on banks with $100 billion assets and above.
• The proposal will alter the risk weights and capital requirements for multifamily loans and securities, which could impact bank participation with the GSEs and their securities.
• The proposal may affect bank trading of GSE CMBS, but not necessarily bank investments in GSE CMBS.
• GSE CMBS held for investment are subject to a 20% risk weight, which is not changing under the proposal. GSE CMBS held for trading are subject to a different formula to calculate risk weights, and that formula is becoming significantly more punitive.

Community Reinvestment Act: The banking agencies recently finalized the Community Reinvestment Act, which will have an impact on how banks support affordable housing. CREFC is analyzing the final rule.

Tenant Protections: CREFC joined with other trade organizations in responding to the FHFA’s RFI on tenant protections. The letter urged the FHFA not to unduly complicate the compliance regime or impose harmful rent control policies.

What's next: Forum leaders look forward to presenting CREFC members with an update on their forum at the Annual January Conference in Miami. Soon after, the chairs will seek nominations for the next Chair Elect to join their leadership slate.

Contact  

News Archive

News

Forum Spotlight: GSE/Multifamily Lenders

February 13, 2023 

Together, Emily, Kate, Bill, Alonzo, and Jason form the “Leadership Working Group” for CREFC’s GSE/Multifamily Lenders Forum. Importantly this group sets the agendas and priorities for the Forum, as well as represents their constituencies on CREFC’s Policy Committee.

Key GSE/Multifamily Lenders Focus Areas

• FHFA Scorecard: Affordable housing goals now based on percentage of total rather than absolute dollars
• Continued housing shortage and how the agencies can help; big “A” affordable
• Trends in agency credit underwriting and loan structures

What they're saying: Conversation at CREFC’s January conference focused on recent rent growth; panelists agreed 10%-20% rent growth is likely over for now, but that multi fundamentals remain solid. The pricing impasse between buyers and sellers remains, yet some semblance of market stability would bring increased transactions in the second half of 2023.

Economic volatility, specifically rising rates and record high cap costs, has motivated the agencies to get creative on shorter-term fixed-rate offerings:

• Five- and seven-year terms with flexible prepay options are gaining momentum
• Freddie Mac is issuing more single-property/single-pool securities (PCs); many with 5- and 7-year terms
• Fannie Mae also is seeing an increase in 5- and 7-year production; gaining popularity are loans with a 5-year term and 3-year yield maintenance structure

So far, investor demand has met supply, despite some investors at CREFC’s Miami conference expressing doubt about demand for short-term securities with wider windows.

Speculation persists on the fate of multifamily loans originated by debt funds and others in 2020-2022 given today’s higher rates and reduced liquidity. Conference goers discussed the potential necessity for mezzanine and preferred equity, rescue capital, distressed sales, or cash-in agency take outs.

Key policy issues:

• Addressing a threat to 144A bond market including SASB CMBS and CRE CLOs
• Advocating for a multifamily exemption from the revised Home Mortgage Disclosure Act (HMDA) multifamily reporting requirements.
• SEC’s climate reporting rule and other proposed regulations.
• Passage and implementation of the LIBOR Act for tough legacy contracts.
• White House initiated “Blueprint for a Renters Bill of Rights,” including some administrative actions by federal agencies, with the goal to increase and preserve affordable housing and to ensure that housing is safe and fair.

What’s next:  Forum leaders are seeking nominations for the next Chair Elect to join their leadership slate and look forward to presenting CREFC members with an update on their forum at the Annual June Conference in New York City.

To join the GSE/Multifamily Lenders Forum, please register here. For any forum related questions, please contact Kathleen Olin.

Contact 

News Archive