Warren de Haan (left), Kyle Jeffers (top right), and Tony Fineman.
Warren de Haan, Kyle Jeffers and Tony Fineman
Co-founder, managing partner, CEO; chief investment officer; senior managing director, head of originations at ACORE Capital
Last year's rank: 18
In a crazy year for capital markets, which featured ebbs and flows and fits and starts, the team at Acore Capital didn’t blink. From March 2024 to March 2025, the firm originated or made material modifications on 132 loans totaling $10.1 billion, a total that jumps up to $15.9 billion if loans with minor modifications are included.
“For better or worse, we as a team have been doing this for 28 to 30 years, and all we’ve ever done is commercial real estate credit,” said CEO Warren de Haan. “We have invested through every possible cycle, good or bad, and we’ve done it successfully, and we continue to aggregate not only the best in-class talent, but also investors.”
Fundraising, too, proved powerful for the debt fund. In April 2024, Acore announced the close of Acore Capital Credit Partners II, a $1.4 billion fund with equity commitments that ranged from Korea and the United Kingdom to Japan and the Middle East. The fund is three times larger than the $559 million predecessor fund the firm closed in 2019, a fact that only emphasizes the stress de Haan and company have placed on fundraising amid a dislocated marketplace.
“It was a pretty big turning of the page and inflection point for us,” said Boyd Fellows, a founding member of the firm, who spoke of his team’s success this year and noted the $1.4 billion investment vehicle is nearly fully deployed one year after closing. “Now we have sovereign wealth funds and a long list of blue-chip pensions investing with us — it’s the natural growth of a successful business.”
Acore’s lending activity spanned America’s biggest cities — New York, Miami, Los Angeles, San Francisco and Dallas — and involved every major asset class in commercial real estate, though 78 percent of its originations were in either multifamily, student housing or industrial, and 35 percent of the firm’s origination activity was in construction loans.
Fellows cited the decades of relationships built on honesty and trust that have created a client base that spans more than 500 capital markets players.
“We have a deep bench of relationships, and you validate that by delivering on your word every time,” said Fellows. “Our words provide certainty when clients deal with us and, we’re on the phone with them saying, ‘This is what we’ll do or won’t do,’ but they know they can take our word to the bank.”
