Marc Soto.
Marc Soto, 29
Vice president of originations in agency finance at Capital One
Marc Soto has always known about the country’s insatiable demand for affordable housing, having grown up so close to its largest city that it made sense he would dedicate his career to the issue.
“It’s a national problem, but there are tons of tools that we have at our fingertips to go about it,” he said.
Soto grew up in Monmouth County, N.J., and played golf extensively with his father, who worked in the real estate industry. He chose to attend George Washington University because he liked the campus culture, and majored in sociology.
In August 2015, Soto was hired at Capital One, a bank with a large presence in the D.C. area and a robust training program in real estate finance. He started as an underwriter with the agency finance group on a Freddie Mac project as one of three team members. Soon an opportunity to be an underwriter on loans greater than $6 million each came up in the New York office. Soto made the move.
“I really wanted to come back to New York at some point,” Soto said. “I wasn’t rushing it, but the opportunity came along early on.”
Recently, Soto originated a loan involving a 1,000-unit portfolio largely composed of garden-style properties across 10 cities throughout the Midwest. The properties are long-standing affordable or workforce housing properties, and Soto has been forced to become an expert in each market for each property.
“It’s a big undertaking,” he said. “My clients really utilize me as a resource to be an expert on affordable housing in each state and on workforce housing. And Fannie Mae and Freddie Mac understand the importance of financing these units.”
Soto has been reflecting on the passing of his father in October. He dreams about playing golf at Shinnecock Hills on Long Island for the first time in the spring.
“The sport is peaceful, challenging and takes a lot of discipline,” he said. “I wanted to play to be more like my father, and I keep playing to make him proud. It’s a way for me to connect with him even though he’s gone.” —A.S.
