In 2015, Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan launched
full-service lending company ACORE Capital with the goal of becoming a leading
private lender in commercial real estate. In less than four years, the foursome has
managed to accomplish that lofty achievement. ACORE has originated $16 billion
since its inception, closing $5 billion in both 2016 and 2017 and $5.7 billion, a total
of 81 loans, in 2018.
Some of the firm’s standout loans in 2018 include $169.8 million of senior and mezzanine debt for an industrial, office and retail portfolio controlled by Alto Real Estate
Funds and Northstar Commercial Partners, and a $105-million bridge loan for sponsor
LaSalle Investment Management for a new development condo project in Nashville.
This year, the capital firm doesn’t plan on slowing down. It has a $1.6 billion capital
commitment from Delphi Financial Group, a subsidy of Japanese insurer Tokio
Marine Group, which positions them to provide real estate finance options to well-capitalized and savvy investors.
Fellows, managing partner and co-head of capital markets and operations;
Ward, managing partner and co-head of capital markets and operations; Tokarski,
managing partner and head of credit; and de Haan, managing partner and head of
originations, have a combined 100 years of industry experience. They have worked
together for two decades at Nomura, Countrywide Financial and Starwood Property
Trust, where they have originated more than $50 billion in real estate loans throughout
their combined careers. In each of the last three years, this elite team has earned a
place among the top professionals in commercial real estate finance, ranking number
39 in 2016 before soaring to the No. 10 spot in 2017 and No. 9 in 2018. As ACORE
grows, the managing partners have stacked the company with a stable of high-quality
professionals, with more than 78 professionals across the county, including 20 originators and 33 people focused on credit and asset management, along with a support team.
ACORE’s priority goal is to capture market share in the $5 trillion US CRE industry and $3.8 trillion of commercial real estate debt. To
grow its market share, the firm takes a real-estate first approach and offers a full suite of services that cover the full capital stack. It is also
investing $5 billion annually into software and technology that will materially impact commercial real estate transactions and the lending
industry, and it has partnered with M61 and UC Berkeley to develop artificial intelligence-based software that can read complex legal loan
documents with better accuracy than a human.
Warren de Haan
BOXWOOD MEANS, LLC
Capital markets research company Boxwood is illuminating
trends in the commercial property and small balance loan
markets, which includes assets valued at less than $5 million
and under 50,000 square feet. Through its research,
Boxwood tracks prices for 125 markets, updating its research
monthly, to unearth a range of variations between large and
small commercial real estate assets as well as uncovering
trends in the market that will help direct how lenders and
investors understand the small balance market, mitigate risk
and reduce lending costs. To accomplish this, Boxwood has
an experienced team of leading analysts, appraisers,
researchers and technologists. Both commercial banks and
non-bank lenders have come to rely on this information for risk management and in examining and monitoring the market. As more
industry professionals have come to rely on Boxwood’s data, the firm has grown substantially in the last three years, increasing its revenue
by 30% year-over-year each year.
Boxwood’s overarching mission is to provide reliable insights into the small balance market through its research and to help
small balance lenders process loans faster and more economically. To accomplish the latter, Boxwood is leveraging technology to
create specialized property valuation tools and technology to serve its lofty and growing community of 200 bank and non-bank
lenders, investors and service companies. Its property valuation tools include FieldSmart-branded commercial evaluations, a program that is engineered to process small-balance loans quickly and at a lower cost of capital, often bypassing the need to procure
a commercial appraisal. Boxwood pairs this program with a technology platform that tracks client report orders, progress and
This combination of research and technology has been a winning formula for Boxwood. In addition to growing its revenue, the company has also received glowing reviews from clients. At the firm’s annual survey earlier this year, a majority of its users gave high scores for
the firm’s services and the reliability and accuracy of its valuation reports.
Randy Fuchs David Colonna Michaell Taylor