Chris Tokarski

Chris Tokarski

Co-CEO at Acore Capital 

Chris Tokarski
By November 15, 2022 1:53 PM

Where in the capital stack are you most comfortable playing today, and where are you finding the best lending opportunities?

First mortgage and mezzanine. Construction and predevelopment in the migration markets. Multifamily renovation and construction.

What’s your best piece of advice for borrowers seeking financing during turbulent times?

If you have a reliable lender, take the loan. Don’t get cute.

Would you rather finance a well-established sponsor on a Class B office renovation in New York City, or the first-time developer of a multifamily project in the Sun Belt today? Discuss. 

Neither. First-time developers make too many mistakes, and Class B office is a gigantic question mark. For the right building, sponsor and basis, New York City office is the winner.

What’s your take on an impending recession? How bad might it get, and what are the silver linings (if any)? 

It will be pretty bad, but hopefully only a year or two. It should have happened much sooner. How most asset classes went up in value during COVID, which was a terrible period, was a fairy tale told by the Fed and their fire hose of cash. Silver lining: Younger professionals can learn that markets move in two directions and get a great education.

When will we reach the bottom of the market, and when will we see a thawing in the debt markets? 

Likely 18 months from now.

What would you do differently during the next pandemic? 

Travel more and work remotely.

What keeps you up at night, and what helps you sleep? 

The pullback of liquidity from the major banking institutions keeps me up. Investment committee memos, red wine and long work days help me sleep.

Lighting Round: Would you rather…

Run a marathon or swim in the Gowanus Canal?


Be a contestant on “American Idol” or Be a contestant on “Survivor”?

“American Idol” — neither would be pretty.

Work remote 100 percent of the time or work in an office 100 percent of the time?


Sit in L.A. traffic for two hours or sit in a stalled NYC subway car for 30 minutes?

30 minutes.

Fight 100 duck-size horses or one horse-size duck?

One horse-size duck.

Work in a Michelin-starred kitchen or work in a McDonald’s?

Michelin kitchen.

Refinance a Class B office property or be locked in a room for a month with Vladimir Putin?

B office.

Do a 30-day all-haggis diet or extend a suburban mall loan for three years?

Extend the mall loan with a paydown.

Lend on the New York office sector, or take a job as a septic tank repairman?

New York office.

Traverse Jurassic Park on foot, or relive 2008?

Relive 2008. It was a great learning experience.

Babysit triple infants who just ate their weight in beans or finance Adam Neumann’s latest venture?

Low leverage on the new venture.

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