Commercial Real Estate

Our team was established in 1995 and focuses on commercial mortgage loans, commercial mortgage-backed securities (CMBS), unsecured REIT debt, and other real estate debt investments. Our advantage is highlighted by cross-team collaborations, rigorous credit research, deep market knowledge, strong borrower relationships, a dedicated real estate analytics team, a proactive approach to portfolio surveillance, and an efficient closing process.


EmeryStation West

Commercial Lending

We lend throughout the US in primary markets and strong secondary markets across the five major property types of multifamily, industrial, retail, office and hotel on behalf of our clients.


Commercial Mortgage-backed Securities

We invest in conduit, single-asset/single-borrower (SASB), and Agency CMBS transactions on behalf of our clients. Our detailed analysis of CMBS credits and relative value allows us to focus on delivering alpha for our clients.

LIT Industrial


We focus on REITs with well-positioned properties and strong management teams that have a history of prudent capital allocation and conservative balance sheet management.

Billion in AUM1
Dedicated Real Estate Professionals
Billion in Annual Commercial Mortgage Originations2
Our Experience:
Years Avg. Real Estate Experience3
Years Avg. PPM Tenure3

Finding Relative Value
Throughout The Capital Structure

Our approach to investing primarily considers the location, quality and value of the underlying real estate, along with the financial strength and experience of the owner/operator. Our commercial mortgage loan program seeks opportunities throughout the US in primary markets and strong secondary markets across the five major property types, but with a focus on more defensive sectors such as multifamily and industrial.

Targeted Approach and Property/Deal Types:

  • Lend on core, core plus and value-add assets
  • Look to capitalize on historically strong repeat business
  • Focus on experienced borrowers who have been tested through cycles
  • Require strong real estate fundamentals within markets
  • Provide borrowers flexible/creative deal structures
  • Access to loan participations can provide attractive portfolio diversification

Commercial Real Estate Assets

Commercial Mortgage Loans, $7.4B
REITs, $1.3B5
CMBS, $1.2B

Commercial Mortgage Loans By Property Type

Multifamily, $2.1B
Industrial, $1.8B
Retail, $1.7B
Office, $0.8B
Hotel, $0.8B
Other, $0.2B

Our Insights

Investment Team

Experience and Stability

Our investment professionals are characterized by experience and continuity of team, effective decision-making processes, and deep industry experience.

photo of Kent Born
Kent Born

Senior Managing Director, Head of Commercial Real Estate 

photo of Joseph Burke
Joe Burke, CRI, FLMI

Senior Managing Director, Mortgage Loan Production and Head of Insurance

photo of Julian Foster
Julian Foster, CRI

Senior Managing Director, Head of Mortgage Loan Production

photo of Mark Kramer
Mark Kramer

Senior Managing Director, Head of Structured Loans

photo of Rich Rodes
Richard Rodes

Senior Managing Director, Mortgage Loan Production

photo of Matt Napoli
Matthew Napoli

Managing Director, Mortgage Loan Production

photo of Sally Donnelly
Sally Donnelly

Senior Vice President, Head of Real Estate Analytics, Servicing and Asset Management

photo of Helene Principato
Helene Principato

Senior Vice President, Head of Mortgage Loan Servicing

photo of Gayle Gerke
Gayle Gerke, ARM

Senior Vice President, Insurance

photo of Carol Schweidel
Carol Schweidel, CFA

Vice President, Asset Management

photo of Jamie Newland
Jamie Newland

Vice President, Head of Legal and Closings

photo of Katlyn Nicolai
Katlyn Nicolai

Vice President, CMBS Portfolio Manager

photo of Mike Lee
Mike Lee, CFA

Senior Credit Analyst, REITs

Our Advantage

  • Clients are at the core of everything we do

  • Long-tenured teams and processes

  • Investment-led organization

  • Established as an institutional solutions provider

  • Network and access to investment community

  • Team-based culture

As of 30 June 2023. (1) Includes commercial mortgage loans, CMBS, and REIT investments. (2) Average last ten years ending 31 December 2022. (3) Commercial real estate leadership team. (4) AUM includes committed but unfunded capital. (5) Includes REIT equities and REIT private placements.