Karen Case

How Did You Get Your Start In CRE Finance?

I’ve been in commercial real estate my entire career. Having worked summers during college for a large property management company in New York City, it was a natural direction to take when I graduated with a business degree, little direction and a dad who insisted I find a job immediately.  

The credit training program I participated in with 24 others (about half of whom were women) provided a great introduction to a career in real estate finance: a structured environment where I learned discipline in underwriting, the importance of building relationships internally and with clients, and teamwork (since in my day, few women played team sports). Fundamentally, I pretty much do the same thing today as I did then.

Why Specialize In CRE Finance?

Being a lender provides the opportunity to integrate sophisticated quantitative analysis, creative underwriting and deal structuring with interpersonal skills — not just sales techniques, but also the art of negotiating and reading people, understanding their motives, when they’re being candid, when they may be “hiding the ball” and when they’re asking for something just for the “win.” Add to that the ability to see all kinds of deals (construction, acquisition, refinances, note-on-note financing, structured debt) across a variety of asset classes (office, industrial, retail, residential and hospitality) with a variety of sponsors (middle market, institutional, public and entrepreneurial), which makes every transaction unique and a puzzle to be solved.  

Are Women Represented Enough In CRE Finance?

When I started in banking in 1979, there were no women at the top, and we concluded it was because women hadn’t been working long enough to get to the C-suite. We thought that by now, talking about women in business would be like talking about eight-track tapes … but it’s still quite relevant. If you doubt that, consider there are more than 30,000 book titles on Amazon related to women in business. This is still a climb for us, but one that is important if we want business leadership to reflect the communities we serve.

Can You Speak To Your  Experience/Treatment As A Woman In CRE Finance?

We’ve come a long way. You might even say that with all the innovations in the business world over the last half-century, one of the greatest has been the transformation from an all-male executive workforce to one that includes women. And yet, while it may not happen as often, there are still many times when I am the only woman in the room. Sometimes I joke about it  — ‘oh, are we sitting boy-girl-boy-girl?’ But frankly, it’s become so routine to me that it’s no longer surprising. So why is it that when men are in a meeting with all women, they feel uncomfortable?”

What Can The Industry Do To Encourage Bringing More Women Into The Finance Space?

To me, it’s not just a matter of bringing women into the finance arena, it’s the industry as a whole that sorely lacks diversity.  For example, statistically, women drive 70-80% of all consumer purchasing, through a combination of their buying power and influence. So why is it that industry panels, boards of directors and C-suites of retail-sector companies don’t reflect that?  Not to mention that companies with greater representation of women on their boards and among their executive ranks consistently demonstrate better bottom line performance.

Some specific calls to action:

1. Champion a high potential performer — think about a woman in your organization you can sponsor.

2. Ensure that teams for high-profile projects are gender balanced.

3. Anyone in a position who determines compensation can make sure women with equal experience and performance are paid equal to their male counterparts.

What Advice Would You Offer Your Former Self About Navigating The World Of CRE Finance?

“In my first job out of college, at the age of 20, I thought I could conquer the world and never gave a thought to gender parity in the workplace. Over time, however, like Madeleine Albright and many other high-ranking women,  I suffered from ‘impostor syndrome’ — that inner voice of self-doubt. The advice: Turn off the radio station in your head that points out your failures. Speak up in meetings — you’ve got good things to say and value to add.

More advice: Find your passion, do something meaningful, and use your voice to make a difference in someone's life. You will be rewarded and so will our community.

Taped to my desktop:  ‘Be like a duck, my mother used to tell me. Remain calm on the surface and paddle like hell underneath. (Michael Caine).”