Ian Hawk, 28
Vice president at Dwight Mortgage Trust and Dwight Securities Management
With responsibilities that include running originations and leading development of new business lines, Ian Hawk finds that this a great time to work on the lending side of commercial real estate.
“Everybody wants to be on the equity side or brokerage side,” said Hawk, a graduate of Yeshiva University who previously spent time at Walker & Dunlop and Fitch Ratings. “In market conditions like we’ve been experiencing, it’s interesting to sit on the debt side. You’re taking less risk than on the equity side of the market, and you get to see more deals and network more expansively. Plus, in a lot of cases, the debt side is earning higher returns than the equity side.”
Hawk spends much of his time working on underwriting and originations, but acquiring both nonperforming and sub-performing loans has become an increasingly important part of Dwight’s business.
Deals Hawk worked on this year include a $12.7 million bridge loan on retail asset Pine Island Plaza in Sunrise, Fla., and a $36.3 million multifamily bridge loan for Villa Annette Apartments in Moreno Valley, Calif., for which Hawk ran the underwriting and back-end capital work. Hawk also led the sourcing, negotiating, and implementation for a $150 million warehouse line for Dwight to acquire nonperforming and sub-performing loans, a deal he said presented unique challenges.
“It was really eye opening to work through the guts of negotiating a warehouse facility,” said Hawk. “One of the things I love about Dwight is the ability to punch above my weight class. There aren’t many 28-year-olds that have the opportunity to work through loan docs on a warehouse facility.”
Hawk credits the deal not just for the learning opportunity, but also for opening his eyes to how much there is yet to learn about the industry.
“What I learned most is how much I don’t know,” said Hawk. “It was one thing finding the bank and getting them comfortable and getting to a signed term sheet. That was almost the easy part. [The tough part] was going through docs, and understanding your counterparty. Because I was the point person on this project, I needed to read those docs cover to cover. That really taught me how much more I have to learn, and was probably the most exciting part.”
