JEFFREY B. PYATT
Broadmark Realty Capital is differentthan the traditional mortgage realestate investment trusts. Founded 10years ago by asset-lending professionalsJeffrey Pyatt and Joe Schocken,Broadmark is a hard money lender thatoffers short-term and first deed of trustloans secured by real estate for theacquisition, renovation, rehabilitationand development of residential or commercial properties. The company operates without any debt, doesn’t deal with pooled mortgage loans—choosing to originate its loans based on its strict underwritingcriteria—and is internally managed, which creates a strong alignment of interests with shareholders. Broadmark’s differentiatedoperating structure and lending approach are based on the philosophy of prudent growth, which focuses on risk avoidance andcapital preservation above all else. This approach is the reason whyBroadmark has managed to experience minimal losses despite having originated over 1,000 loans with an aggregate face amount ofapproximately $2 billion since inception through June 2019.Moreover, it’s the reason why approximately two-thirds ofBroadmark’s business comes from repeat borrowers. As CEO, Pyattoversees the day-to-day operations and overall strategic direction ofBroadmark and its lending activities. He is also a member ofBroadmark’s board of directors.
Dan Sacks, Greystone man-
aging director, is one of the
firm’s top ten 10 originators. Over the
past three years, Sacks has grown his team
of three people to more than 10 profes-
sionals dedicated to getting the best pos-
sible financing executed for each client.
In 2019, he and his ever-growing team
handled $2.1 billion in multifamily loan
production. At any given time, he is per-
sonally running 10 transactions, and his
entire team is working on 30 deals at various stages of the transaction
pipeline. Sacks recognized early on that going beyond simply ‘trans-
acting deals’ and instead, diving in to understand the nuances and
details of the breadth of products available to sponsors and borrow-
ers, and the unique characteristics of their particular properties or
circumstances was his competitive advantage. He notes that his team’s
No. 1 priority is “to provide our clients with the best service, on every
transaction.” One of his major deal highlights include the North
Street Portfolio, a $163.5-million recapitalization of a distressed four-
property multifamily portfolio in Pennsylvania and Kentucky, featur-
ing $125.2 million in Fannie Mae financing. Greystone structured a
complex capital stack and new operating ownership to inject equity
into the properties and return them to profitability.
Born out of the financial crisis,Michael Stein and his two partnersGavin Beekman and Joe Ackermanboth from Cidel Financial Group,founded Pensam in 2009. The firmhas made preferred equity investments in over 18,000 apartment unitsacross 25 states since then, providingsolutions and products that spanacross the capital stack, including firstmortgages, mezzanine debt, subordinate debt, unitranche loans and preferred equity to variousstakeholders. The firm has established itself as one of the country’s most active private real estate investors and capital providers focused on the multihousing sector. Stein, a commercial realestate executive who had started his career at CB Richard Ellisin Miami 1990 and later became a partner in Aztec Group,decided to launch a financial startup solely focused on providing short-term bridge loans to owners of distressed multifamilyproperties. Pensam’s particular strength and focus has been andcontinues to be on high-leverage loans with up to 90% loan tovalue on pre-stabilized multifamily properties or apartmentproperties undergoing a major repositioning—the kind ofproduct that most conventional lenders shy away from. In short,because of its unique and holistic approach, Pensam has beenprominent in the resurgence and expansion of the UnitedStates multifamily sector by providing a much-needed source ofaggressive, flexible capital to a geographically diverse group ofsponsors whose properties were in transitional stages—eitherundergoing lease up, partially completed, or in the process ofrepositioning. Pensam has been both influential and instrumental in helping dozens of high-quality sponsors build their multifamily portfolios and create value for their investor base.
ACORE CAPITAL’S MANAGING
Since its inception in May 2015, ACORE Capital hasestablished itself as one of the nation’s largest andmost active commercial real estate finance companiesoriginating $21.5 billion in loans. The firm’s success isattributed in large part to the commitment of itsfounders and four managing partners Boyd Fellows,Stew Ward, Chris Tokarski and Warren de Haan.
Together the team has helped ACORE capture additional market share and has developed a suite of debtproducts that cover every part of the capital stack as Boyd Fellows Chris Tokarski Stew Ward