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News

Provision in Tax Bill Would Raise Rates on Foreign Companies and Investments

June 18, 2025

Real estate market participants and other industries with a global investor base are concerned about Section 899, a provision that would impose retaliatory income taxes on foreign investments and companies in the U.S. 

  • CREFC joined other real estate industry groups in raising concerns about the provision in the House-passed One Big Beautiful Bill (OBBB) to Senate leadership. In a letter to lawmakers, the groups suggested changes to exempt non-controlling foreign debt and equity investments from the retaliatory taxes. Click here for the letter. 
  • A CREFC fact sheet on the provision is available here
  • CREFC will hold a webinar briefing on the issue next week. A separate invite will be sent soon. 

Background: The House Version of OBBB contains a provision—Section 899—that would allow Treasury to impose annual income tax increases of 5% on any foreign individual, government, corporation, trust, foundation, and other similar entities in response to unfair tax treatment by a foreign country against the U.S.

  • The provision responds to unfair taxes by increasing the rate of tax generally applicable to certain taxpayers connected to the foreign jurisdiction. The legislation describes a number of per se unfair taxes and also gives the Treasury Secretary authority to designate additional unfair taxes.
  • The increased rates in the House version are capped at 20% and the Senate is at 15%, which is in addition to any existing tax the entity pays. The effective tax rate could increase to 45% or 50% for foreign investors or companies. 
  • The Senate version would delay implementation of the tax until at least 2027.
  • The Senate version includes an explicit 899 exemption for “portfolio interest,” which excludes many debt securities.
  • The Senate version of the bill focuses the major retaliatory increases on countries with Undertaxed Profit Rules (UTPR). Countries with only discriminatory or other unfair taxes, like the digital service tax, would be subject to a super Base Erosion and Anti-Abuse Tax (BEAT).

Impact: The provision could chill investment in U.S. real estate debt and equity through a combination of increased costs and uncertainty as to whether the tax will apply to certain countries. Below are the major concerns CREFC members have identified:

  • U.S. Real Estate: Potential chilling effect on cross-border capital flows into CRE, which includes $213 billion in the last five years and more than 10% in transaction volumes. Some estimates project foreign investors would need a 15% change in price to account for tax changes at the maximum rate.
  • Foreign banks and other lenders: Additional tax on non-U.S. lenders providing financing to U.S. borrowers. 
  • Foreign investors in U.S. funds: Additional tax on non-U.S. investors in funds, including debt funds, providing financing and capital to U.S. borrowers. 
  • Securitized products: Investors in CMBS may be exempt from 899 under the portfolio interest exemption, but further analysis is being done on the scope of the exemption. There could be structures that exclude or include securitization products.
  • U.S. Borrowers: CRE loans frequently include provisions in which the borrower contractually agrees to bear the risk of changes due to international tax law. For existing loans, any additional tax imposed under Section 899 would be the responsibility of the borrower, typically in the form of a gross-up payment to the foreign lender.
What’s next: CREFC will continue to engage with policymakers as the Senate will be considering the OBBB over the next few weeks. 

Contact David McCarthy (dmccarthy@crefc.org) with questions or to get involved on this issue.

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
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.
Provision in Tax Bill Would Raise Rates on Foreign Companies and Investments
June 18, 2025
The Senate released revised language on Section 899, which would impose additional tax on non-U.S. companies and inbound investments.

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
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.

News

The CRE Finance Council Announces New Chairs for Industry Forums 

June 10, 2025

New Chairs and Chair-Elects Introduced at Annual June Conference

 

NEW YORK, June 10, 2025 – 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:

B-Piece Investors. CREFC welcomes Josh Brand (Argentic) as Chair-Elect, Frank Yin (KKR) as Chair, and Peter Lindner (Rialto Capital Advisors) as Past-Chair. In 2024-2025, Jason Nick (Starwood Property Trust) was Past-Chair.
  
GSE/Multifamily Lenders. CREFC welcomes Lee Green (Wells Fargo) as Chair-Elect, David Haynes (CBRE Multifamily Capital, Inc.) as Chair, Ahmed Hasan (Capital One) as Past-Chair. John Jang (Fannie Mae) and Jason Griest (Freddie Mac) serve as GSE representatives. In 2024-2025, the Past-Chair was Kate Whalen (BMO).
  
Investment-Grade Bondholders. CREFC welcomes Wendy Pei (Ellington Management) as Chair-Elect, Adam Smith (DWS) as Chair, and Rajesh Bansal (Quiq Capital) as Past-Chair. In 2024-2025, Richard Razza (Webster Bank) served as Past-Chair. 
  
Issuers. CREFC welcomes Scott Epperson (Goldman Sachs) as Chair-Elect, Shaishav Agarwal (Deutsche Bank) as Chair, and Brigid M. Mattingly (Wells Fargo) as Past-Chair. In 2024-2025, Jane Lam (Morgan Stanley) served as Past-Chair.
  
Portfolio Lenders – Bank Lender Subforum. CREFC welcomes Bridget Scanlon (Morgan Stanley) as Chair-Elect, Kristin Khanna (Barclays) as Chair, and Robert Grudzinski (U.S. Bank) as Past-Chair. In 2024-2025, Scott Dixon (Truist) was Past-Chair.
  
Portfolio Lenders – Insurance Company Lenders Subforum. CREFC welcomes Kevin Catlett (Principal Real Estate Investors) as Chair-Elect, Melissa Farrell (PGIM) as Chair, and Kevin Pivnick (Blackstone) as Past-Chair. In 2024-2025, Chris Miculis (Nuveen) served as Past-Chair. 
  
Servicers. CREFC welcomes Amanda Dugat (SitusAMC) and Brett Mann (LNR Partners) as Chairs-Elect, Dana Jo Martino (Berkadia Commercial Mortgage LLC) and Alex Killick (CWCapital) as Co-Chairs, and Adam Fox (Fitch Ratings) and Pamela Dent as Past-Chairs. In 2024-2025, 
Leslie Hayton (Trimont) and Tony Yousif (SVN) served as Past-Chairs. 
  
The following slate of Forum leaders remains unchanged this year:
  
Alternative Lenders & High-Yield Investors. Rachel Hunter-Goldman (KKR) remains as Chair-Elect, Samantha Rotchford (BDT & MSD Partners) serves as Chair, and Samir Tejpaul (Madison Realty Capital) continues as Past-Chair. 
  
“We are excited to welcome the new members to our industry Forums and we want to thank the existing and past Forum members for their dedication and continued support of our work,” said Lisa Pendergast, President and CEO of CREFC.
  
“CREFC’s industry Forums work to ensure there is consensus among their constituents and advocate on behalf of them with other industry participants, policymakers, and lawmakers. By playing a key role in developing industry practices and implementing initiatives to support their members, Forum leaders help to ensure all voices are heard. We are grateful for their dedication to CRE finance and their contributions, which ensure the industry continues to innovate and evolve.”
  
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.
  
Media Contact:
Aleksandrs Rozens
arozens@crefc.org
646-884-7567 

Contact 

Aleksandrs Rozens
Senior Director,
Communications
646.884.7567
arozens@crefc.org
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 Announces New Chairs for Industry Forums
June 10, 2025
New Chairs and Chair-Elects Introduced at Annual June Conference

News

The CRE Finance Council Announces New Chairs for Industry Forums 

June 10, 2025

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:

B-Piece Investors. CREFC welcomes Josh Brand (Argentic) as Chair-Elect, Frank Yin (KKR) as Chair, and Peter Lindner (Rialto Capital Advisors) as Past-Chair. In 2024-2025, Jason Nick (Starwood Property Trust) was Past-Chair.
  
GSE/Multifamily Lenders. CREFC welcomes Lee Green (Wells Fargo) as Chair-Elect, David Haynes (CBRE Multifamily Capital, Inc.) as Chair, Ahmed Hasan (Capital One) as Past-Chair. John Jang (Fannie Mae) and Jason Griest (Freddie Mac) serve as GSE representatives. In 2024-2025, the Past-Chair was Kate Whalen (BMO).
  
Investment-Grade Bondholders. CREFC welcomes Wendy Pei (Ellington Management) as Chair-Elect, Adam Smith (DWS) as Chair, and Rajesh Bansal (Quiq Capital) as Past-Chair. In 2024-2025, Richard Razza (Webster Bank) served as Past-Chair. 
  
Issuers. CREFC welcomes Scott Epperson (Goldman Sachs) as Chair-Elect, Shaishav Agarwal (Deutsche Bank) as Chair, and Brigid M. Mattingly (Wells Fargo) as Past-Chair. In 2024-2025, Jane Lam (Morgan Stanley) served as Past-Chair.
  
Portfolio Lenders – Bank Lender Subforum. CREFC welcomes Bridget Scanlon (Morgan Stanley) as Chair-Elect, Kristin Khanna (Barclays) as Chair, and Robert Grudzinski (U.S. Bank) as Past-Chair. In 2024-2025, Scott Dixon (Truist) was Past-Chair.
  
Portfolio Lenders – Insurance Company Lenders Subforum. CREFC welcomes Kevin Catlett (Principal Real Estate Investors) as Chair-Elect, Melissa Farrell (PGIM) as Chair, and Kevin Pivnick (Blackstone) as Past-Chair. In 2024-2025, Chris Miculis (Nuveen) served as Past-Chair. 
  
Servicers. CREFC welcomes Amanda Dugat (SitusAMC) and Brett Mann (LNR Partners) as Chairs-Elect, Dana Jo Martino (Berkadia Commercial Mortgage LLC) and Alex Killick (CWCapital) as Co-Chairs, and Adam Fox (Fitch Ratings) and Pamela Dent as Past-Chairs. In 2024-2025, 
Leslie Hayton (Trimont) and Tony Yousif (SVN) served as Past-Chairs. 
  
The following slate of Forum leaders remains unchanged this year:
  
Alternative Lenders & High-Yield Investors. Rachel Hunter-Goldman (KKR) remains as Chair-Elect, Samantha Rotchford (BDT & MSD Partners) serves as Chair, and Samir Tejpaul (Madison Realty Capital) continues as Past-Chair. 
  
“We are excited to welcome the new members to our industry Forums and we want to thank the existing and past Forum members for their dedication and continued support of our work,” said Lisa Pendergast, President and CEO of CREFC.
  
“CREFC’s industry Forums work to ensure there is consensus among their constituents and advocate on behalf of them with other industry participants, policymakers, and lawmakers. By playing a key role in developing industry practices and implementing initiatives to support their members, Forum leaders help to ensure all voices are heard. We are grateful for their dedication to CRE finance and their contributions, which ensure the industry continues to innovate and evolve.”

Contact 

Aleksandrs Rozens
Senior Director,
Communications
646.884.7567
arozens@crefc.org
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 Announces New Chairs for Industry Forums
June 10, 2025
The CRE Finance Council (CREFC) announced new Chairs for the 2025-2026 industry Forums.

News

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.
  
Media Contact:
Aleksandrs Rozens
arozens@crefc.org
646-884-7567

Contact 

Aleksandrs Rozens
Senior Director,
Communications
646.884.7567
arozens@crefc.org
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.
CREFC honors Lea Overby as Woman of Distinction and Toby Cobb with the 2025 Founders Award
June 10, 2025
2025 Award Winners Announced at CREFC’s Annual June Conference.

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
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.

News

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 

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.”

Contact 

Aleksandrs Rozens
Senior Director,
Communications
646.884.7567
arozens@crefc.org
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.
CREFC honors Lea Overby as Woman of Distinction and Toby Cobb with the 2025 Founders Award
June 10, 2025
The CRE Finance Council announced that Lea Overby is the recipient of this year’s Woman of Distinction Award and Toby Cobb is the recipient of its Founders Award.

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
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 06, 2025
The CRE Finance Council (CREFC) unveiled its 2025 class of accomplished ‘20 Under 40’ professionals.

News

Trump Tweets Offer Glimpse of Plans for Fannie Mae and Freddie Mac

June 3, 2025

President Donald Trump intensified speculation about the future of Fannie Mae and Freddie Mac last week when he posted the following comment about the government-sponsored enterprises, which have been in conservatorship for nearly 17 years:  

I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the US Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President.

The Enterprises’ future has remained uncertain for over a decade, with prospects for their release from conservatorship fluctuating with changing policy priorities.

  • Many market participants expect the Trump administration to focus on the Enterprises after the reconciliation bill and tariff policy are finalized.
  • While Enterprise reform could occur via legislation, any meaningful change is highly unlikely without significant involvement from the administration.  
Policymakers will need to solve complicated questions when determining the Enterprises’ path forward, including:

  • The potential restructuring of the government’s investment in the Enterprises;
  • Appropriate capital levels needed for the Enterprises to withstand future financial crises;
  • The role that the Enterprises should play in supporting affordable housing programs, and, perhaps most importantly, the 
  • Impact on mortgage costs and availability.
The Trump administration has said on several occasions that it will not support moves that raise mortgage costs. Trump’s comment about “implicit guarantees” seems to acknowledge this concern. 

However, financial analysts remain unclear as to how this would work in practice. Bloomberg’s opinion columnist Matt Levine offered a helpful roadmap of possible future levels of “government support”:

  • No government guarantee;
  • Explicit government guarantee - they will take a first-loss risk with their capital, but, in the worst case, the government will back the mortgages that they guarantee; or
  • An implicit guarantee, “wink wink.”
Levine explains:
The third option seems bad and untidy, but also perhaps the most practical outcome. No government backstop of the multitrillion-dollar mortgage market seems, at this point, a little optimistic … The explicit government guarantee is optically difficult due to the accounting and moral-hazard problems. But “there’s no government guarantee, Fannie and Freddie will be very well capitalized and carefully regulated to make sure that they don’t fail, but wink wink” might get most of the benefits of a pure private-capital solution, but with the financial stability and low mortgage rates of a government backstop.
He does stress, however, the potentially messy implications of a “wink wink” policy, including waffling within a future administration on whether to bail out the Enterprises during a major financial crisis, potential investor lawsuits, or accusations of securities fraud.

CREFC will closely monitor major developments related to Enterprise reform, particularly as they relate to the multifamily market.

Please contact Sairah Burki (sburki@crefc.org) or David McCarthy (dmccarthy@crefc.org) with any questions.

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs and Sustainability
703.201.4294
sburki@crefc.org

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
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.
Trump Tweets Offer Glimpse of Plans for Fannie Mae and Freddie Mac
June 03, 2025
President Donald Trump intensified speculation about the future of Fannie Mae and Freddie Mac last week.

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