Richard Mack, Kevin Cullinan and Priyanka Garg
Co-Founder and CEO; Co-Heads of Real Estate Credit Investment Business at Mack Real Estate Credit Strategies
Last year's rank: 34
When the lending market began to show signs of recovery in 2021, Mack Real Estate Credit Strategies (MRECS) was well-positioned to accelerate its loan growth. MRECS originated more than $4.3 billion for the one-year period ending March 15, including $3 billion in the second half of the year, underscoring its increased geographical footprint in a variety of sectors.
“We began to have real confidence in the economic recovery, especially in some of the non-coastal, high-growth markets, and that conviction really carried our origination volume,” Kevin Cullinan said. “But we were patient in making sure we were comfortable with where the economy was headed before we really significantly ramped up originations.”
Some of MRECS’ notable deals in the past six months include the origination of a $405 million loan in the fourth quarter to refinance The Park, a 249-unit multifamily property in Santa Monica, Calif., owned by Witkoff. Another sizable multifamily deal followed in the first quarter of 2022 with a $170 million loan to refinance X Denver, a new 455-unit property in Denver operated by a joint venture between The X Company and Raven Capital Management.
The lender was also active on the hospitality front in the last year, originating a $225 million whole loan to refinance JW Marriott, a 419-key hotel in Savannah, Ga., purchased by Kessler in 2012.
Another big highlight for MRECS in 2021 was the initial public offering of its subsidiary, Claros Mortgage Trust, a real estate investment trust focused primarily on originating senior and subordinate loans for transitional commercial real estate assets.
MRECS also in the past year continued its commitment to improve diversity in the CRE industry as a sponsor and active participant in Project Destined. Through the project, the firm will have two or three students interning in the summer and is hopeful this can lead to new hires that create a more diverse workforce.
“We believe that a more diverse work environment is going to create value for our business,” Richard Mack said. “The more access we have to bright, young candidates that might end up being the most qualified and the best fit for our business, the better we are.” —A.C.
