CREFC Honors Lea Overby as This Year’s Woman of Distinction and Toby Cobb as 2025’s Recipient of the Prestigious Founders Award
June 10, 2025
2025 Award Winners Announced at CREFC’s Annual June Conference
NEW YORK, June 10, 2025 – The CRE Finance Council (CREFC) announced today that Lea Overby is the recipient of this year’s Woman of Distinction Award and Toby Cobb is the recipient of its Founders Award. CREFC revealed the award recipients at its Annual Conference in New York City.
CREFC’s Woman of Distinction Award. The Woman of Distinction Award recognizes women professionals in commercial real estate (CRE) finance who, through their engagement in CREFC and the greater CRE finance industry, demonstrate outstanding leadership skills and advocate for a more inclusive industry. Ms. Overby is Managing Director and Head of U.S. Commercial Mortgage-Backed Securities (CMBS) Research at Barclays.
A 25-year CRE finance industry veteran and CREFC member since 2010, Ms. Overby has held senior roles within various segments of the CMBS marketplace. Prior to joining Barclays in 2021, Ms. Overby was head of CMBS research at Wells Fargo Securities. Between 2016 and 2018, she oversaw CMBS analytics and research at Morningstar Credit Ratings after heading CMBS research at Nomura Securities International.
A leading voice in the industry, Ms. Overby has moderated numerous CREFC conference panels, which draw engaged audiences, and she serves on the CREFC Women's Network Advisory Board. Ms. Overby’s team at Barclays conducts research and analysis of agency and non-agency CMBS and the overall state of commercial real estate.
“It is a great honor to receive this award, and to be included in the ranks of talented women professionals CREFC has acknowledged over the years. I have found it rewarding to participate in CREFC’s industry conferences to help drive conversations about the CMBS markets. I have also enjoyed partaking in the initiatives of the Women’s Network, which is a key source of support for a wide range of women professionals in the industry,” said Ms. Overby.
“Lea has demonstrated a deep commitment to CREFC’s membership and the greater CRE finance industry,” said Lisa Pendergast, President and CEO of CREFC. “She has been a stalwart supporter of the Association and its membership for over two decades. Her analysis of CRE finance markets and her research offer clarity to an industry that has been buffeted by a broad array of challenges. Lea has helped educate our industry for decades, and she has been a trusted advisor for institutions that have come to rely on her research and insight to make important investment decisions. She is always generous in sharing her knowledge with members and driving engaging conversations. We are also grateful for her support of our Women’s Network Advisory Board.”
To read about previous winners, click here.
CREFC’s Founders Award. CREFC’s Founders Award is bestowed on an industry professional who has demonstrated outstanding leadership and offered significant contributions to the betterment of CREFC and the commercial real estate finance industry. Established in 2006, recipients of this award have engaged in innovative business practices and industry activities that have successfully enhanced the CRE market and improved debt liquidity to this key component of the U.S. economy.
As Co-Founder and Managing Partner of 3650 Capital, Toby’s involvement in CREFC and CRE finance spans over three decades. A CREFC member since 1997, Mr. Cobb is responsible for loan origination, capital markets, financing activities, and oversight of 3650 Loan Servicing, a rated special servicer. He is also a member of the firm’s investment committee.
Mr. Cobb acted as Co-Chief Executive Officer in the restructuring, management, and sale of LNR Property LLC. Prior to LNR, Mr. Cobb was a managing director of Deutsche Bank Securities, coordinating Deutsche Bank’s activities related to the Emergency Economic Stabilization Act of 2008 and associated government programs responding to the global financial crisis.
As Co-Head of the U.S. commercial real estate business at Deutsche Bank, Mr. Cobb helped build and manage a team with more than $30 billion in annual loan originations. Before Deutsche Bank, Mr. Cobb worked for Donaldson, Lufkin & Jenrette’s (DLJ) commercial mortgage group, where he was responsible for specialty finance clients, loan origination, and CMBS securitizations. Prior to DLJ, Mr. Cobb worked at Citicorp Securities.
“I am honored to receive this acknowledgement from my peers in the CRE finance industry and CREFC, which has served as a cornerstone of the market for over three decades and played a key role in the commercial property finance market’s growth and evolution,” said Mr. Cobb. “It is a privilege to be included among many talented members who have previously won this recognition. I want to thank my friends and long-time colleagues for recognizing me, and I look forward to continuing to help the CRE finance industry evolve and grow.”
“For three decades, Toby has been involved with driving innovation in CRE finance, and he has served in pivotal roles that helped our market navigate many of its most challenging moments,” said Ms. Pendergast. “He has been a senior leader with some of the industry’s preeminent market firms, and his work has been broad-based, touching various market segments. We are grateful that he has supported CREFC with his extensive experience and broad range of senior roles, notably our Executive Committee and Board of Governors, where we have benefited from his vast knowledge of the CRE finance markets.”
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 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.
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