22 GLOBEST. REAL ESTATE FORUM JUNE 2020
www.globest.com/realestateforumcycles. By adopting an agnostic, non-thematic approach, the originations team focuses on highly-structured projects that can beexecuted seamlessly in order to provide certainty to prospective borrowers. In 2017, Calmwater Capital became a registered investment advisor and closed on a $636 million co-mingled fund. This is the first co-mingled fund and the largest raise by the firm todate, and includes commitments from state and international pension funds, top university endowments and family offices. Thefollowing year, the originations team took the firm to the East Coast, with the establishment of a New York City area office, whichgenerated more than $216 million in transactions during its first two years. In addition, the originations team has been successfulin providing creative student housing solutions for colleges across the nation. This has had a tremendous impact on the ability ofinstitutions of higher learning to better serve, and educate their students.
MOSAIC REAL ESTATE INVESTORS TEAM
Mosaic Real Estate Investors, which was founded five years ago, has built a reputation for creativity, integrity and responsiveness. Understanding that no two dealsare the same, Mosaic’s team, led by Bruce Davidson and Alex Ovalle, use theirexperience, savvy and creativity to uncover investment opportunities that makesense for all parties involved. Throughout the last five years, Mosaic has surpassed$2.4 billion of originations while establishing itself as a leader in the debt fundspace. Mosaic aligns investor and manager interests through its unique fund structure. The company’s 0/25 fee structure means the firm does not collect a management fee based upon AUM and is entirely driven by performance. Davidson andOvalle started Mosaic in 2020 with a $68.75 million loan for the construction of anew housing development for UC Merced students called “Merced Station. As adebt fund with inherently limited upside potential, Mosaic is highly focused onpreserving principal value. Mosaic seeks to originate and structure investments that minimize the vulnerability to economic downturns bycarrying out in-depth initial due diligence, structuring strong protective covenants, performing hands-on asset management, and workingwith proven, experienced sponsors. In 2018, National Real Estate Investors named Mosaic to its 2018 Top Lenders List. Both Davidsonand Ovalle are actively involved with charitable organizations within their communities. Davidson is a strong supporter of Make a WishFoundation-New Jersey and he additionally works with the New Jersey Special Olympics and the American Cancer Society. He is also a pastmember of the ULI and Mixed-Use Development Council. Ovalle has made it a priority to be active in philanthropic efforts within hiscommunity, working tirelessly to help support efforts to solve issues within the community.
LENDER ORGANIZATIONS
ARBOR REALTY TRUST INC.
Multifamily lender Arbor Realty Trust didn’t start out with a servicing portfolio of over $20 billion whenit was founded in 1983. The publicly-held real estate investment trust based in Uniondale, NY began as asingle family lender when chairman, president and CEO Ivan Kaufman launched the firm when it wasthen known as Arbor National Holdings. In its 37 years in the industry, Arbor paved the way for otherlenders to make liquidity available to the workforce and affordable multifamily space. The firm pridesitself as a business focused on helping people and families secure housing, and is one of the few mortgagefinance companies licensed in small loan lending by both government-sponsored entities Fannie Maeand Freddie Mac agencies. In 2014, Freddie Mac asked Arbor as one of only three lenders to pilot theFreddie Mac Small Balance Loan program. Soon after, Arbor became the first Freddie Mac SBL Lenderto cross the $2 billion threshold and was a top 3 Freddie Mac SBL Lender in 2019. For the fiscal year of
2019, Arbor achieved record loan originations of $7.6 billion and saw structured portfolio growth of 30percent from record loan originations of $2.8 billion. Arbor also achieved significant return to shareholders of 54 percent for 2019. It raised its common dividend three times in 2019 to a forward annualrate of $1.20 per share, up from $1.08 per share a year ago. Not only has Arbor set an example for other lending firms because ofits financial achievements, but also with its distinctive culture. Cultivating and maintaining a work environment that encourages thebest performance from its employees resulted in Arbor winning the title of “Top Workplace in Long Island” in the newspaperNewsday in 2019.
JCR CAPITAL
JCR Capital is an institutional investor committed to middle-market investments and transactions between $10 million and $50 million. The firm, which provides joint venture equity, preferred equity, bridge loan and permanent financing for value-add, opportunistic and distressed transactions and special situations, invests on behalf of insurance companies, public pension funds, endowments, foundations and family offices. Co-founders Jay Rollins and Maren Steinberg established JCR Capital with its strategy focusedon playing in a pond that had the least amount of capital in it, giving the firm a competitive advantage with limited competition. Also,its strategy is rooted in the idea that a generational transfer would occur in the middle market because owners of those assets tended
Alex Ovalle
Ivan Kaufman
Bruce Davidson
