Kara McShane

For Kara McShane, 2025 was an “intentional” year.

“When I stepped into the role in 2020, the goal was to build a more collaborative, nimble and resilient platform that could perform through cycles,” McShane said. “In 2025, that meant being intentional in our decision-making — staying coordinated and disciplined and being clear about our focus in an ever-changing landscape.” 

Wells Fargo was also intentional about what it didn’t do, McShane said: “We didn’t chase volume for its own sake, and we didn’t stretch on structure just to ‘win’ in a crowded market.” 

Balance sheet originations totaled $41 billion, up 200 percent year-over-year, spanning term, construction, commercial and industrial lending. Its capital markets originations hit $34 billion — $21.3 billion of CMBS and $11.3 billion of agency loans — a 50 percent increase year-over-year. 

McShane’s platform won in plenty of ways. Under her leadership, Wells Fargo continued to demonstrate scale and consistency, maintaining top positions in key lending and securitization markets while executing some of the industry’s most buzzed-about transactions. 

It was the top-ranked global CMBS bookrunner and bank agency lender, and also took the crown for real estate loan syndications and real estate gaming, lodging and leisure. Wells Fargo also was the No. 2 agency bookrunner last year, and the No. 3 CRE CLO bookrunner. 

As for notable deals, where to start? To name but a few: Wells Fargo provided the $3.15 billion financing for StuyTown/Peter Cooper Village in New York; acted as lead adviser and a lender in Blackstone Infrastructure’s $5.65 billion acquisition of Safe Harbor Marinas; provided the $1.6 billion construction loan for Related Companies and Oxford’s 70 Hudson Yards; served as sole structuring agent and joint bookrunner for One Five One’s $1.3 billion Green Bond SASB financing; and priced the $1.4 billion floating-rate BX 2025-BCAT, secured by 67 industrial assets. 

In a competitive year, “our biggest advantage is our ability to execute decisively across market conditions — deploying balance sheet, providing capital markets solutions and advice, and partnering in real time, while maintaining underwriting discipline,” McShane said. “We have size, expertise, a full suite of product offerings, and the ability to deliver and execute for our clients.” 

The firm has spent years building a deeply integrated model across CRE and the broader investment banking platform, which allows it to move quickly and stay aligned when markets are selective or dislocated, McShane said. 

The platform has more than $150 billion in total commitments across the corporate and investment banking CRE platform today, with multifamily representing 28 percent of its book ($37 billion) and industrial 19.6 percent. Data centers comprise roughly 2 percent of its book, a $3 billion exposure. 

“In a crowded or volatile environment, dependability and trust matter more than ever,” she said. “We don’t try to win every deal — we focus on relationships and structures that perform through cycles.” 

As for 2026, McShane’s teams are busier than ever. 

“From a numbers perspective, the pipeline is up materially from this time last year,” McShane said. “The 2026 pipeline reflects disciplined engagement — active where fundamentals are strong, and selective where risk remains elevated. The common thread is earlier, more substantial dialogue. Clients want partners who can help them navigate uncertainty, think holistically about the range of solutions, and execute flawlessly.”