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The CRE Finance Council Names Toby Cobb as Chair of Executive Committee

June 9, 2026

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

The CRE Finance Council (CREFC) announced today the selection of Toby Cobb, Co-Founder and Co-Managing Partner of 3650 Capital, as Chair of the CREFC Executive Committee and the Board of Governors for 2026-2027 at its Annual Conference in New York City. A commercial real estate finance industry veteran with more than 30 years of experience, Mr. Cobb succeeds outgoing Chair Leland F. Bunch III, Managing Director and Head of Capital Markets and Banking for Bank of America’s U.S. Real Estate Structured Finance Group.

Mr. Cobb is Co-Founder and Co-Managing Partner of 3650 Capital, where he is jointly responsible for loan origination, capital markets, financing activities, and oversight of 3650 Loan Servicing. He is also a member of the firm's Investment Committee and serves as Co-CEO of Grass River Property, a 3650 Capital affiliate focused on adaptive reuse and transit-oriented development projects. Throughout his career, Mr. Cobb has held senior leadership positions as Co-CEO and owner at LNR Property, Co-Head of US Real Estate at Deutsche Bank, Donaldson, Lufkin & Jenrette, and Citicorp Securities, helping to shape the evolution of the commercial real estate lending and securitization markets. In June 2025, he received CREFC’s Founders Award, the organization’s highest honor, recognizing his outstanding leadership and contributions to the industry.

"CREFC has long played a critical role in bringing together the diverse participants that make our commercial real estate finance markets work," said Mr. Cobb. "As our industry continues to navigate changing market conditions and capitalize on new opportunities, CREFC's commitment to advocacy, education, and industry engagement has never been more important. I am honored to serve as Chair and look forward to working alongside our members, Executive Committee, Board of Governors, and the CREFC team to advance the priorities that support a strong, resilient, and liquid commercial real estate finance market."

"On behalf of CREFC and our membership, I am pleased to congratulate Toby Cobb on his selection as Chair of the Executive Committee and Board of Governors," said Lisa Pendergast, President and CEO of CREFC. "Toby's extensive experience across lending, capital markets, servicing, and investment management, coupled with his longstanding commitment to CREFC and the broader commercial real estate finance industry, make him exceptionally well suited for this leadership role. I would also like to thank Leland Bunch for his outstanding leadership over the past year and for his continued service as Immediate Past Chair."

In addition to Mr. Bunch's transition to Immediate Past Chair, CREFC announced the members of its 2026-2027 Executive Committee:

• Chair-Elect: Lissette Rivera-Pauley (Regions Financial Corp.)
  
• Immediate Past Chair: Leland F. Bunch III (Bank of America)
  
• Vice Chair: Shannon Erdmann (Apollo Global Management)
  
• Secretary: Nitin Bhasin (KBRA)
  
• Treasurer: Adam Behlman (Starwood Property Trust)
  
• Long Range Planning & Investment Committee Chair: Dan Olsen (KeyBank Real Estate Capital)
  
• Membership Chair: Jeehae Lee (Bridge Investment Group)
  
• Policy Committee Chair: Rick Jones (Jackstay Ventures, LLC)
  
• Program Committee Chair: MJ Potthoff (Morningstar DBRS)

CREFC also welcomes and congratulates the newest members of its Board of Governors:

• Keith Banzhal (Moody's)
  
• Brian Carey (J.P. Morgan)
  
• Nishant Nadella (Derby Lane Partners)
  
• Meena Pursnani (MetLife)
  
• Laura Swihart (Dechert)
  
• Kelly Wrenn (Ballard Spahr) - PAC Co-Chair

"CREFC's strength comes from the expertise, engagement, and dedication of its volunteer leaders," added Pendergast. "We are excited to welcome these accomplished professionals to our Board of Governors and look forward to their contributions as we continue advancing initiatives that support the health, transparency, and growth of the commercial real estate finance market."

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.

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

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CREFC Honors Anne Jablonski as This Year’s Woman of Distinction and Adam Behlman as 2026 Recipient of the Prestigious Founders Award

NEW YORK, NY — June 9, 2026 — The CRE Finance Council (CREFC) announced today that Anne Jablonski is the 2026 recipient of CREFC’s Woman of Distinction Award and Adam Behlman is this year’s recipient of our Founders Award. CREFC revealed the award recipients today 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 finance who, through their engagement in CREFC and the greater CRE finance industry, demonstrate outstanding leadership skills and advocate for a more inclusive industry. Anne Jablonski is Executive Managing Director and Head of Commercial Real Estate at SitusAMC where she is responsible for the strategic direction and operational oversight of SitusAMC’s CRE segment, partnering with CRE lenders and investors to originate, transact, manage, and value their real estate portfolios.

With more than three decades of experience in commercial real estate finance and a CREFC member since 2014, Jablonski has built a reputation as one of the industry’s most respected and influential leaders. In her current role, she oversees SitusAMC’s global CRE platform and leads a team of more than 1,500 professionals supporting clients across the full lending and investment lifecycle. 

Beyond her executive responsibilities, Jablonski has made a lasting impact through her dedication to mentorship and industry engagement. She previously served on the CREFC Women’s Network Advisory Board, where she helped guide initiatives focused on professional development, mentorship, and expanding opportunities for women in commercial real estate finance. She is also a frequent speaker at industry conferences and forums, regularly sharing insights on market trends, leadership, and the evolving CRE finance landscape.

“It is an incredible honor to receive this recognition from CREFC and to be included among the remarkable women who have received this award over the years,” said Ms. Jablonski. “Throughout my career, I have been fortunate to work alongside talented colleagues and mentors who helped shape my professional journey. Supporting the next generation of industry leaders and contributing to a more inclusive and collaborative CRE finance industry has been especially meaningful to me.”

“Anne is widely respected across the commercial real estate finance industry for her leadership, integrity, and commitment to developing people and strengthening organizations,” said Lisa Pendergast. “She has built an extraordinary career while also dedicating considerable time to mentoring others and supporting initiatives that help broaden opportunities across our industry. Anne’s impact extends far beyond her professional accomplishments, and we are proud to recognize her with this year’s Woman of Distinction Award.”

To read about previous winners, click here.

CREFC’s Founders Award. CREFC’s Founders Award recognizes 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.

Adam Behlman serves as President of Starwood Property Trust’s Real Estate Investing & Servicing segment and President of Starwood Mortgage Capital. Widely respected as an industry leader and longtime advocate for the CRE finance market, Behlman has played a pivotal role in shaping both the industry and CREFC over the past two decades. In his current role, Behlman oversees the company’s commercial mortgage-backed securities business, conduit lending and securitization activities, real estate investment platform, and wholly owned special servicer, LNR Partners.

Since joining CREFC more than 20 years ago, Behlman’s impact on the organization has been substantial and enduring. After serving on the Board of Governors from 2016 to 2020, he served as Chairman of CREFC during the 2020–2021 term, helping guide the organization and industry through one of the most challenging periods in modern market history, and he currently serves on both the Board of Governors and CREFC’s Executive Committee.

He has also served as CREFC’s Treasurer for six years, chaired the compensation and nomination committees, contributed extensively to CREFC’s education and diversity initiatives, and actively participated in numerous CREFC programs supporting students and academics pursuing careers in commercial real estate finance. Widely respected for his integrity, collaborative leadership style, and longstanding commitment to strengthening the industry, Behlman is also a member of the NYU Endowment Committee and a strong supporter of CREFC’s mentorship program, which connects young leaders and seasoned professionals across the industry.

“I am deeply honored to receive CREFC’s Founders Award and grateful to be recognized by colleagues and peers I have worked alongside throughout my career,” said Mr. Behlman. “CREFC has long played a vital role in advancing the commercial real estate finance industry, and it has been a privilege to contribute to the organization and support its mission. I look forward to continuing to work with this outstanding community as our industry evolves and grows. It has been a privilege and honor to have worked alongside Lisa Pendergast for the past ten years and want to personally thank her and wish her the best.”

“Adam has been one of the most dedicated and impactful leaders in CREFC’s history,” said Ms. Pendergast. “His leadership, professionalism, kindness, and unwavering commitment to both the organization and the broader commercial real estate finance industry have helped strengthen CREFC and position the industry for long-term success. He is exceptionally deserving of this recognition and I for one am honored to call him a dear friend.”

To read about previous winners, 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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The CRE Finance Council Names Toby Cobb as Chair of Executive Committee

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

NEW YORK, NY — June 9, 2026— The CRE Finance Council (CREFC) announced today the selection of Toby Cobb, Co-Founder and Co-Managing Partner of 3650 Capital, as Chair of the CREFC Executive Committee and the Board of Governors for 2026-2027 at its Annual Conference in New York City. A commercial real estate finance industry veteran with more than 30 years of experience, Mr. Cobb succeeds outgoing Chair Leland F. Bunch III, Managing Director and Head of Capital Markets and Banking for Bank of America’s U.S. Real Estate Structured Finance Group.

Mr. Cobb is Co-Founder and Co-Managing Partner of 3650 Capital, where he is jointly responsible for loan origination, capital markets, financing activities, and oversight of 3650 Loan Servicing. He is also a member of the firm's Investment Committee and serves as Co-CEO of Grass River Property, a 3650 Capital affiliate focused on adaptive reuse and transit-oriented development projects. Throughout his career, Mr. Cobb has held senior leadership positions as Co-CEO and owner at LNR Property, Co-Head of US Real Estate at Deutsche Bank, Donaldson, Lufkin & Jenrette, and Citicorp Securities, helping to shape the evolution of the commercial real estate lending and securitization markets. In June 2025, he received CREFC’s Founders Award, the organization’s highest honor, recognizing his outstanding leadership and contributions to the industry.

"CREFC has long played a critical role in bringing together the diverse participants that make our commercial real estate finance markets work," said Mr. Cobb. "As our industry continues to navigate changing market conditions and capitalize on new opportunities, CREFC's commitment to advocacy, education, and industry engagement has never been more important. I am honored to serve as Chair and look forward to working alongside our members, Executive Committee, Board of Governors, and the CREFC team to advance the priorities that support a strong, resilient, and liquid commercial real estate finance market."

"On behalf of CREFC and our membership, I am pleased to congratulate Toby Cobb on his selection as Chair of the Executive Committee and Board of Governors," said Lisa Pendergast, President and CEO of CREFC. "Toby's extensive experience across lending, capital markets, servicing, and investment management, coupled with his longstanding commitment to CREFC and the broader commercial real estate finance industry, make him exceptionally well suited for this leadership role. I would also like to thank Leland Bunch for his outstanding leadership over the past year and for his continued service as Immediate Past Chair."

In addition to Mr. Bunch's transition to Immediate Past Chair, CREFC announced the members of its 2026-2027 Executive Committee:

• Chair-Elect: Lissette Rivera-Pauley (Regions Financial Corp.)
  
• Immediate Past Chair: Leland F. Bunch III (Bank of America)
  
• Vice Chair: Shannon Erdmann (Apollo Global Management)
  
• Secretary: Nitin Bhasin (KBRA)
  
• Treasurer: Adam Behlman (Starwood Property Trust)
  
• Long Range Planning & Investment Committee Chair: Dan Olsen (KeyBank Real Estate Capital)
  
• Membership Chair: Jeehae Lee (Bridge Investment Group)
  
• Policy Committee Chair: Rick Jones (Jackstay Ventures, LLC)
  
• Program Committee Chair: MJ Potthoff (Morningstar DBRS)

CREFC also welcomes and congratulates the newest members of its Board of Governors:

• Keith Banzhal (Moody's)
  
• Brian Carey (J.P. Morgan)
  
• Nishant Nadella (Derby Lane Partners)
  
• Meena Pursnani (MetLife)
  
• Laura Swihart (Dechert)
  
• Kelly Wrenn (Ballard Spahr) - PAC Co-Chair

"CREFC's strength comes from the expertise, engagement, and dedication of its volunteer leaders," added Pendergast. "We are excited to welcome these accomplished professionals to our Board of Governors and look forward to their contributions as we continue advancing initiatives that support the health, transparency, and growth of the commercial real estate finance market."

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.

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

Contact 

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The CRE Finance Council Announces New Chairs for Industry Forums

June 9, 2026

New Chairs and Chair-Elects Introduced at Annual Conference this Week

 The CRE Finance Council (CREFC) today announced new Chairs for their 2026-2027 industry Forums. The new Forum leadership was elected at CREFC’s Annual June Conference in New York City this week.

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 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 its business sector, while working to achieve solutions that serve a common purpose and continue to drive the industry forward. 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 the betterment of these unique individual market sectors within the commercial real estate finance market in its entirety.

The incoming slate of Forum leaders includes:

• Alternative Lenders & High-Yield Investors. CREFC welcomes Tony LaBarbera (Blackstone) as Chair-Elect, Rachel Hunter-Goldman (KKR - Kohlberg Kravis Roberts) as Chair, and Samantha Rotchford (BDT & MSD Partners) as Past-Chair. In 2025-2026, Samir Tejpaul (Madison Realty Capital) served as Past-Chair.
• B-Piece Investors. CREFC welcomes Zach Freedman (Eightfold Real Estate Capital, L.P.) as Chair-Elect, Josh Brand (Argentic) as Chair, and Frank Yin (KKR-Kohlberg Kravis Roberts) as Past-Chair. In 2025-2026, Peter Lindner (Rialto Capital) was Past-Chair.
• GSE/Multifamily Lenders. CREFC welcomes Yahli Becker (Cantor Fitzgerald & Co.) as Chair-Elect, Lee Green (Wells Fargo) as Chair and David Haynes (CBRE Capital Markets, Inc.) as Past-Chair. Wayne Ip (Fannie Mae) and Jason Griest (Freddie Mac) serve as GSE representatives. In 2025-2026, the Past-Chair was Ahmed Hasan (Capital One). 
• Investment-Grade Bondholders. CREFC welcomes Li Pang (J.P. Morgan) as Chair-Elect, Wendy Pei (Ellington Management) as Chair, and Adam Smith (DWS) as Past-Chair. In 2025-2026, Rajesh Bansal (Quiq Capital) served as Past-Chair. 
• CMBS, CRE CLO and Agency Issuers. CREFC welcomes Raul Orozco (Citigroup Global Markets) as Chair-Elect, Scott Epperson (Goldman Sachs & Co.) as Chair, and Shaishav Agarwal (Barclays) as Past-Chair. In 2025-2026, Brigid M. Mattingly (Wells Fargo) served as Past-Chair. 
• Portfolio Lenders – Bank Lender Subforum. CREFC welcomes Mauricio Duran (Webster Bank) as Chair and Robert Grudzinski (U.S. Bank, NA) as Past-Chair. In 2025-2026, Bridget Scanlon was Chair. 
• Portfolio Lenders – Insurance Company Lenders Subforum. CREFC welcomes Lisa Paterson Simonetti (Apollo Global Management) as Chair-Elect, Kevin Catlett (Principal Real Estate Investors) as Chair, and Melissa Farrell (PGIM) as Past-Chair. In 2025-2026, Kevin Pivnick served as Past-Chair. 
• Servicers – Master Servicers Subforum. CREFC welcomes Michelle Engle (KeyBank) as Chair-Elect, Amanda Dugat (SitusAMC) as Chair, and Dana Jo Martino (Berkadia Commercial Mortgage LLC) as Past-Chair. In 2025-2026, Adam Fox (Fitch Ratings) served as Past-Chair. 
• Servicers – Special Servicers Subforum. CREFC welcomes William Clarkson (Torchlight Investors) as Chair-Elect, Brett Mann (LNR Partners) as Chair, and Alex Killick (CWCapital) as Past-Chair. In 2025-2026, Pamela Dent served as Past-Chair. 

“We are excited to welcome these new leaders to our industry Forums, which serve as the backbone of CREFC and all that it does. I want to thank all of our existing and past Forum leaders for their dedication and continued support of our work,” said Lisa Pendergast, President and CEO of CREFC. 

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CREFC Honors Anne Jablonski as This Year’s Woman of Distinction and Adam Behlman as 2026 Recipient of the Prestigious Founders Award

June 9, 2026

The CRE Finance Council (CREFC) announced today that Anne Jablonski is the 2026 recipient of CREFC’s Woman of Distinction Award and Adam Behlman is this year’s recipient of our Founders Award. CREFC revealed the award recipients today 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 finance who, through their engagement in CREFC and the greater CRE finance industry, demonstrate outstanding leadership skills and advocate for a more inclusive industry. Anne Jablonski is Executive Managing Director and Head of Commercial Real Estate at SitusAMC where she is responsible for the strategic direction and operational oversight of SitusAMC’s CRE segment, partnering with CRE lenders and investors to originate, transact, manage, and value their real estate portfolios.

With more than three decades of experience in commercial real estate finance and a CREFC member since 2014, Jablonski has built a reputation as one of the industry’s most respected and influential leaders. In her current role, she oversees SitusAMC’s global CRE platform and leads a team of more than 1,500 professionals supporting clients across the full lending and investment lifecycle. 

Beyond her executive responsibilities, Jablonski has made a lasting impact through her dedication to mentorship and industry engagement. She previously served on the CREFC Women’s Network Advisory Board, where she helped guide initiatives focused on professional development, mentorship, and expanding opportunities for women in commercial real estate finance. She is also a frequent speaker at industry conferences and forums, regularly sharing insights on market trends, leadership, and the evolving CRE finance landscape.

“It is an incredible honor to receive this recognition from CREFC and to be included among the remarkable women who have received this award over the years,” said Ms. Jablonski. “Throughout my career, I have been fortunate to work alongside talented colleagues and mentors who helped shape my professional journey. Supporting the next generation of industry leaders and contributing to a more inclusive and collaborative CRE finance industry has been especially meaningful to me.”

“Anne is widely respected across the commercial real estate finance industry for her leadership, integrity, and commitment to developing people and strengthening organizations,” said Lisa Pendergast. “She has built an extraordinary career while also dedicating considerable time to mentoring others and supporting initiatives that help broaden opportunities across our industry. Anne’s impact extends far beyond her professional accomplishments, and we are proud to recognize her with this year’s Woman of Distinction Award.”

To read about previous winners, click here.

CREFC’s Founders Award. CREFC’s Founders Award recognizes 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.

Adam Behlman serves as President of Starwood Property Trust’s Real Estate Investing & Servicing segment and President of Starwood Mortgage Capital. Widely respected as an industry leader and longtime advocate for the CRE finance market, Behlman has played a pivotal role in shaping both the industry and CREFC over the past two decades. In his current role, Behlman oversees the company’s commercial mortgage-backed securities business, conduit lending and securitization activities, real estate investment platform, and wholly owned special servicer, LNR Partners.

Since joining CREFC more than 20 years ago, Behlman’s impact on the organization has been substantial and enduring. After serving on the Board of Governors from 2016 to 2020, he served as Chairman of CREFC during the 2020–2021 term, helping guide the organization and industry through one of the most challenging periods in modern market history, and he currently serves on both the Board of Governors and CREFC’s Executive Committee.

He has also served as CREFC’s Treasurer for six years, chaired the compensation and nomination committees, contributed extensively to CREFC’s education and diversity initiatives, and actively participated in numerous CREFC programs supporting students and academics pursuing careers in commercial real estate finance. Widely respected for his integrity, collaborative leadership style, and longstanding commitment to strengthening the industry, Behlman is also a member of the NYU Endowment Committee and a strong supporter of CREFC’s mentorship program, which connects young leaders and seasoned professionals across the industry.

“I am deeply honored to receive CREFC’s Founders Award and grateful to be recognized by colleagues and peers I have worked alongside throughout my career,” said Mr. Behlman. “CREFC has long played a vital role in advancing the commercial real estate finance industry, and it has been a privilege to contribute to the organization and support its mission. I look forward to continuing to work with this outstanding community as our industry evolves and grows. It has been a privilege and honor to have worked alongside Lisa Pendergast for the past ten years and want to personally thank her and wish her the best.”

“Adam has been one of the most dedicated and impactful leaders in CREFC’s history,” said Ms. Pendergast. “His leadership, professionalism, kindness, and unwavering commitment to both the organization and the broader commercial real estate finance industry have helped strengthen CREFC and position the industry for long-term success. He is exceptionally deserving of this recognition and I for one am honored to call him a dear friend.”

To read about previous winners, click here.

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The CRE Finance Council Announces New Chairs for Industry Forums

New Chairs and Chair-Elects Introduced at Annual Conference this Week

NEW YORK, NY — June 9, 2026 — The CRE Finance Council (CREFC) today announced new Chairs for their 2026-2027 industry Forums. The new Forum leadership was elected at CREFC’s Annual June Conference in New York City this week.

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 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 its business sector, while working to achieve solutions that serve a common purpose and continue to drive the industry forward. 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 the betterment of these unique individual market sectors within the commercial real estate finance market in its entirety.

The incoming slate of Forum leaders includes:

• Alternative Lenders & High-Yield Investors. CREFC welcomes Tony LaBarbera (Blackstone) as Chair-Elect, Rachel Hunter-Goldman (KKR - Kohlberg Kravis Roberts) as Chair, and Samantha Rotchford (BDT & MSD Partners) as Past-Chair. In 2025-2026, Samir Tejpaul (Madison Realty Capital) served as Past-Chair.
• B-Piece Investors. CREFC welcomes Zach Freedman (Eightfold Real Estate Capital, L.P.) as Chair-Elect, Josh Brand (Argentic) as Chair, and Frank Yin (KKR-Kohlberg Kravis Roberts) as Past-Chair. In 2025-2026, Peter Lindner (Rialto Capital) was Past-Chair.
• GSE/Multifamily Lenders. CREFC welcomes Yahli Becker (Cantor Fitzgerald & Co.) as Chair-Elect, Lee Green (Wells Fargo) as Chair and David Haynes (CBRE Capital Markets, Inc.) as Past-Chair. Wayne Ip (Fannie Mae) and Jason Griest (Freddie Mac) serve as GSE representatives. In 2025-2026, the Past-Chair was Ahmed Hasan (Capital One). 
• Investment-Grade Bondholders. CREFC welcomes Li Pang (J.P. Morgan) as Chair-Elect, Wendy Pei (Ellington Management) as Chair, and Adam Smith (DWS) as Past-Chair. In 2025-2026, Rajesh Bansal (Quiq Capital) served as Past-Chair. 
• CMBS, CRE CLO and Agency Issuers. CREFC welcomes Raul Orozco (Citigroup Global Markets) as Chair-Elect, Scott Epperson (Goldman Sachs & Co.) as Chair, and Shaishav Agarwal (Barclays) as Past-Chair. In 2025-2026, Brigid M. Mattingly (Wells Fargo) served as Past-Chair. 
• Portfolio Lenders – Bank Lender Subforum. CREFC welcomes Mauricio Duran (Webster Bank) as Chair and Robert Grudzinski (U.S. Bank, NA) as Past-Chair. In 2025-2026, Bridget Scanlon was Chair. 
• Portfolio Lenders – Insurance Company Lenders Subforum. CREFC welcomes Lisa Paterson Simonetti (Apollo Global Management) as Chair-Elect, Kevin Catlett (Principal Real Estate Investors) as Chair, and Melissa Farrell (PGIM) as Past-Chair. In 2025-2026, Kevin Pivnick served as Past-Chair. 
• Servicers – Master Servicers Subforum. CREFC welcomes Michelle Engle (KeyBank) as Chair-Elect, Amanda Dugat (SitusAMC) as Chair, and Dana Jo Martino (Berkadia Commercial Mortgage LLC) as Past-Chair. In 2025-2026, Adam Fox (Fitch Ratings) served as Past-Chair. 
• Servicers – Special Servicers Subforum. CREFC welcomes William Clarkson (Torchlight Investors) as Chair-Elect, Brett Mann (LNR Partners) as Chair, and Alex Killick (CWCapital) as Past-Chair. In 2025-2026, Pamela Dent served as Past-Chair. 

“We are excited to welcome these new leaders to our industry Forums, which serve as the backbone of CREFC and all that it does. I want to thank all of our existing and past Forum leaders for their dedication and continued support of our work,” said Lisa Pendergast, President and CEO of CREFC.

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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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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