Alex Cabria
Co-head of the real estate finance group in the global structured finance, Americas division at Sumitomo Mitsui Banking Corporation
Alex Cabria describes the past year at Sumitomo Mitsui Banking Corporation as “a period of growth and new strategic initiatives in the Americas.”
We’ll say. SMBC came onto our list hot this year, with a whopping $11.6 billion in originations from expanding both its product offerings and capabilities.
“Our high points included winning high-profile financing mandates and capturing market share while growing the portfolio with best-in-class clients across a diversified group of strong asset classes,” Cabria said. “In navigating this past year’s periods of uncertainty, we highlighted our broad banking capabilities that complement our role as a lender backed by a $2 trillion balance sheet.”
SMBC, like other lenders, also helped clients navigate through the most volatile of environments.
“My mantra is to always be a partner to our clients, and I believe our collaboration and partnership make us successful,” Cabria said. “The key challenge, perhaps unsurprisingly, was the effect of rapid interest rate hikes on cap rates and, by extension, acquisition activity. With that said, we remained thoughtful, strategic and extremely hands-on during this period, and we managed to grow and diversify our portfolio in a product-constrained environment, while serving our clients.”
A sampling of that activity included a $400 million refi for an industrial portfolio; a $200 million construction financing for two spec industrial properties in New Jersey and California; $220 million in acquisition financing for a Boston industrial portfolio; and a $150 million deal for a student housing property in Florida.
“I am especially proud that we were able to bring SMBC brand recognition in the Americas’ real estate lending market, building on our global reputation as one of the world’s largest banks,” Cabria said. “Our group has been able to step up for existing clients and create solutions tailored to their growing needs. At the same time, we attracted new clients by building a reputation for executing on time and within the terms agreed to. I believe being able to supply valuable and much-needed capital this past year, and keep our word, was pivotal to the franchise.”
SMBC’s platform is off to a great start this year, with Cabria describing the first quarter as an “exceptional” one for his group. “We were able to secure and win large-scale financing mandates that consisted of a dynamic mix of refinancing needs, and new acquisitions that also reflected the goodwill we had formed with our top clients throughout the previous nine months.”
