Justin Wheeler
#40

Justin Wheeler

CEO at Berkadia

Last year's rank: 36

Justin Wheeler
By April 30, 2023 8:59 AM

If numbers tell a story, Berkadia had a very good 2021: 500 new employees; the continuation of 18 consecutive quarters of growth in servicing; $27 billion in investment sales; $40 billion in mortgage banking; No. 1 in combined Freddie Mac, Fannie Mae and Federal Housing Administration origination volume; and, total yearly production of more than $68 billion. 

“I felt an immense sense of gratitude when I saw that final number for the first time,” Justin Wheeler, who’s now responsible for a $337 billion servicing portfolio, said. This success didn’t just happen, he added, citing an intentional strategic plan, strong execution and daily hard work from every employee. 

“Our success simply would not have been possible were it not for the incredible collaboration of teams and individuals across our organization,” Wheeler said. “The pandemic has made it even more evident that people are at the heart of everything we do — and that individual people have individual needs, objectives and challenges.” 

To keep this heart pumping, and deepen its pursuit of diversity, equity, inclusion and belonging (DEIB), the firm established a steering committee to oversee DEIB strategy, hired a DEIB consultant, and launched resources like digital spaces where employees can connect, and programs like lunch-and-learns aimed at establishing DEIB as a core firm value. 

“We want DEIB to be a natural part of Berkadia’s culture,” Wheeler said. “The benefits of having a diverse workforce that feels included and with a sense of belonging are well-documented.”

Investing profits in people, processes and technology — during the pandemic — clearly paid dividends. 

Deals for 2021 include acquisition financing, construction, bridge loans and refinancing. A total of $96.5 million for Lincoln Avenue Capital to acquire a 569-unit affordable housing property in Alexandria, Va., and $100.2 million for Reliant Group to acquire a three-property student housing portfolio in Blacksburg, Va., are just two additions to the near doubling of Berkadia’s previous annual total production high ($37 billion in 2019). 

“We are incredibly proud of the strides made over the past year, and even more excited about where we are headed in 2022 and beyond,” Wheeler said. —S.P.

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