Karen Kulvin

How Did You Get Your Start In CRE Finance?

I have been in the commercial real estate debt and securities industry since 1998. I was one of the first 10 hires at LNR Property when it spun off from Lennar Homes in late 1997. I had been running a hotel in South Beach after business school for a year or so and the owner owned a portfolio of commercial properties on Miami Beach that I was involved with as well. I recognized I didn’t want to stay in the hospitality business but I fell in love with real estate. In Miami at the time, you had two options — brokerage or Lennar (LNR). I met with the guys at LNR without even knowing what CMBS stood for and was hired on the spot. I’ve been in the space ever since and have truly enjoyed every moment.

Why Specialize In CRE Finance?

As a loan asset manager, working out loans that were either in default or had special servicer requests (assumptions, lease approvals, etc.). It was the best way to understand commercial real estate from both the loan documents side and the overall exposure to all real estate asset classes. One day I could be working on a multifamily property default in Boston and the next day an office sale in Denver. The experience was invaluable.

Are Women Represented Enough In CRE Finance?

The industry has come a very long way since I entered in 1998. I remember being one of five women at our industry conference for many years. Through the years, I have networked and found there is a solid foundation of women in CRE finance with whom I can share ideas and thoughts. I try my best to mentor and be available to young women looking to enter the field. Interestingly enough, I sat on a panel recently and as I looked around the room, I only saw about five young women in the audience. The same as 20 years ago. So, I’d say women still have a long way to go to be fairly represented.

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

I had no issues at all launching my career in CRE finance. My boss at LNR, Ron Schrager, is still a close friend and mentor and provided me with all the runway I wanted when at the firm.

As I reflect, I was in a lucky and quite unusual position. If I was bored, he would always give me more to do. He never treated me any different than the other employees, man or woman. He only looked at me as a smart, motivated person who was additive to the group.

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

I believe a lot is being done within associations like the CREFC. They do a great job of sponsoring women-only events throughout year.  These smaller, intimate gatherings provide a great venue for women to meet and network. I’d like to see more large real estate organizations sponsor women’s-only events. I think education is another facet. I sit on the Women’s Finance Network for Tufts University, my alma mater. Part of our mission is to educate young women [about] what opportunities exist in the world today when you leave a college campus and to provide a network of women to reach out to in various professions.

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

I came into the CRE finance business at 28. I didn’t know much when I walked into the interview but I knew in the right environment with smart people around me I could learn anything.

I would advise a 28-year-old today to be attuned to their environment and a good reader of people. Be open to change. My career has taken me to many firms and many personalities along the way — some worked, some didn’t. Be true to yourself, leave and move on if something doesn’t feel right and it truly will all work out in the end.