Trends Shaping Investment & Lending: Capital Sources, Deal Size, Distress + Maturing Loans

Biggest Macro Investment Themes for 2025

• 

  Leslie Himmel

  Leslie Wohlman Himmel is founder and co-managing partner of Himmel + Meringoff Properties, a leading owner/operator of New York-based commercial real estate and one of the only privately owned, first generation portfolios of Manhattan office buildings. Founded in 1985 with partner Stephen Meringoff, Himmel + Meringoff currently manages two million square feet of commercial real estate valued in excess of $2 billion. Ms. Himmel began her career as an acquisitions associate at Integrated Resources in 1979 and is today recognized as one of the foremost women leaders of the commercial real estate industry. Focused on creating value through long-term ownership, she is a creative and insightful hands-on owner responsible for the acquisition of property, strategic repositioning of assets and portfolio financing. In 2017, Ms. Himmel was named as one of the 50 Most Powerful Women in New York by Crain’s. She was honored as Harvard Business School Club of New York’s ‘Entrepreneur of the Year’ for 2016 and, in 2011, received REBNY’s Mendik Lifetime Leadership in Real Estate Award for exceptional accomplishment and dedication to leadership in New York real estate. Ms. Himmel is a Board member of the M&T Bank Directors Advisory Council, New York City Mortgage Committee and the Harvard Business School Club of New York. In 1992, she founded and continues to co-chair REBNY’s Economic Development Committee which works with New York City officials to support economic development initiatives in the city. A member of REBNY’s Board of Governors since 2001, Ms. Himmel also serves on the Board of the Executive Committee. Ms. Himmel is a member of the Real Estate Roundtable, the UDMUC Red Council of the Urban Land Institute, Young Men’s/Women’s Real Estate Association of New York and YPO/WPO. Dedicated to women entrepreneurs, Ms. Himmel established “The Women’s Student Association Fellowship Fund” in 2008, which awards scholarships to Harvard Business School students. Ms. Himmel is also an early stage investor and Board advisor to Hello Alfred, a successful online concierge service, developed by two women who are recent HBS graduates. Ms. Himmel earned her bachelor’s degree from the University of Pennsylvania, graduating Summa Cum Laude and Phi Beta Kappa and received her MBA with high honors from Harvard Business School.

  Himmel+Meringoff

  Managing Partner

  Leslie Himmel

  Managing Partner

  Himmel+Meringoff

• 

  Michael Ritz

  As Chief Investment Officer of Columbia Property Trust, Michael Ritz is responsible for developing and executing the Company’s go-forward investment strategy for the existing portfolio and new investments. Mr. Ritz came to Columbia in 2023 from The Albanese Organization, where he spent 10 years as Executive Vice President and Head of Acquisitions & Capital Markets, responsible for overseeing the investment strategy and execution of sourcing, acquisitions, dispositions, financings and development of all asset classes, most notably in residential and office. Earlier, he was an integral member of the New York acquisition team of Invesco Real Estate. Mr. Ritz began his career in the leveraged finance investment banking group at Bear, Stearns & Co. Inc. Mr. Ritz has been active in the finance and real estate industry for over 20 years; his experience spans all real estate asset classes and the investment risk spectrum. He has held various leadership positions, leading investment strategy, asset and market selection, and execution of sourcing, acquisitions, dispositions, financing and development, and overseen a diverse portfolio of office and residential throughout the Northeast. Mr. Ritz received a B.A. in Finance from Bucknell University and a M.S. in Real Estate Development from Columbia University. He is a frequent lecturer at both Bucknell and Columbia, a Founding Board Member of the Bucknell Real Estate Advisory Board and Chairman of the Bucknell Mentorship Program. Mr. Ritz is an active member of Urban Land Institute (ULI) New York. He is married with three daughters and resides in New Jersey.

  Columbia Property Trust

  EVP, Chief Investment Officer

  Michael Ritz

  EVP, Chief Investment Officer

  Columbia Property Trust

• 

  Jared Toothman

  EVP, NYC Market Leader

  Lincoln Property Company

• 

  Joshua Crane

  Joshua Crane is Co-Founder and Principal of S3 Capital & Spruce Properties. In this role, he is responsible for overseeing all aspects of the business from sourcing to execution. He has helped develop S3 Capital into one of the most active private real estate lenders on the East Coast and is a member of its investment committee. Previously, he was a partner at Irongate, where he developed the Trump International Hotel & Tower at Waikiki Beach Walk. Joshua also worked at Stellar Management, where he was involved in the acquisition of Independence Plaza, a 1,330-unit rental building in New York City’s Tribeca, and 2,000 units in Washington, D.C. The firm also bought and sold more than one million square feet of NYC office buildings. Joshua began his career at Salomon Brothers in their Mergers and Acquisitions group. He graduated from the Wharton School at the University of Pennsylvania.

  S3 Capital & Spruce Properties

  Co-Founder, Principal

  Joshua Crane

  Co-Founder, Principal

  S3 Capital & Spruce Properties

• 

  Joe Pizzutelli

  Mr. Pizzutelli is the Head of National Production for M&T RCC’s off-balance sheet lending platform, overseeing placements with Fannie Mae, Freddie Mac, FHA, life companies, debt funds and CMBS. He is also responsible for M&T’s on-balance sheet multifamily bridge platform, focusing on transitional and lease-up multifamily assets nationwide. Under his leadership, M&T RCC originates approximately $6 billion in loans annually. Prior to leading production at M&T RCC, Joe served as a Group Manager in M&T Bank’s New York City commercial real estate department. There, he was responsible for originating, underwriting, negotiating, and closing highly complex commercial real estate loans for the Bank’s $8 billion NYC commercial real estate portfolio. Originally from Rochester, NY, Joe now lives in Larchmont, NY with his wife, Jenna, and their three children. Beyond his work at M&T, he serves as President of the Real Estate Lenders’ Association New York City Chapter and is a Board Member of Habitat for Humanity NYC’s Community Development Financial Institution Fund. Mr. Pizzutelli received his BS and MBA from SUNY at Buffalo.

  M&T Realty Capital

  Head of National Production

  Joe Pizzutelli

  Head of National Production

  M&T Realty Capital

• Moderator

  Suresh Shanmugam

  Senior Vice President

  Arch Street Capital Advisors

The Evolving Debt Market: Navigating Interest Rates & Cost of Capital

Construction, Refinancing, Fund Deployment

• 

  David Greenburg

  Managing Director

  Affinius Capital

• 

  Nitin Jagga

  Managing Director

  Goldman Sachs

• 

  Matt Dzbanek

  Matthew Dzbanek is a Capital Services Professional at Ariel Property Advisors. In this role, he is responsible for debt and equity placement, with an expertise in multifamily and mixed-use properties. Mr. Dzbanek joined Ariel Property Advisors with an extensive background in New York City real estate. Prior to joining the company in 2015, he worked in acquisitions for The Lightstone Group. He originally began his career as an investment sales associate at CPEX, a commercial real estate firm based in Brooklyn. Mr. Dzbanek received a Bachelor of Science in Business Administration in finance and international business from Washington University, as well as a certification in Real Estate Finance and Investment from the Schack Institute of Real Estate at New York University. He resides in Manhattan and can be reached at 212.544.9500 ext. 48 or via email at mdzbanek@arielpa.com.

  Ariel Property Advisors

  Senior Director

  Matt Dzbanek

  Senior Director

  Ariel Property Advisors

• 

  Aidan Birnbaum

  Portfolio Manager

  Bravo Capital

• 

  Craig Price

  Craig L. Price joined Belkin · Burden · Goldman, LLP in 2004 and is a Member and co-head of the firm’s Transactional Department. He is an accomplished transactional attorney focused on sophisticated commercial and residential real estate matters, including single asset and portfolio real estate acquisitions and sales transactions of multifamily, retail, condominium, office and industrial properties. Mr. Price handles sophisticated financing transactions inclusive of securitized mortgages, acquisition and construction loans, as well as, commercial leasing matters of office, retail, triple net, ground, telecommunications, store and loft leases on behalf of both owners/developers and tenants in office buildings, malls, strip centers and residential and commercial buildings. Mr. Price was awarded the Connect CRE’s 2024 New York & Tri-state Lawyers in Real Estate Award and has been named a ‘Super Lawyer’ for over 10 years. He has represented well known real estate families, family offices, not-for-profits, athletes, actors, best-selling authors, musicians, and the families of foreign dignitaries. He frequently provides educational presentations at real estate brokerage firms throughout New York City, including Cushman & Wakefield, JLL, Avison Young, Ariel Property Advisors, Meridian Capital, Leslie J. Garfield & Co. and others.

  Belkin, Burden, Goldman LLP

  Partner & Co-Chair of Transactional Department

  Moderator

  Craig Price

  Partner & Co-Chair of Transactional Department

  Belkin, Burden, Goldman LLP

Acquisitions & Equity: Finding New Deals in a Shifting Market

Buying Opportunities, Equity Deals & New Deal Pricing

• 

  Julia Butler

  Julia Butler (New York) joined KKR in 2017 and is a member of the Real Estate team. Prior to joining KKR, Ms. Butler was an executive vice president at iStar, a publicly-traded REIT, where she was responsible for sourcing and executing new investment opportunities as well as managing a portfolio of assets. Prior to iStar, Ms. Butler worked in the treasury department of The Walt Disney Company in Los Angeles, CA. Ms. Butler earned her B.A. in government, cum laude, from Harvard College.

  KKR

  CEO of KKR Real Estate Select Trust

  Julia Butler

  CEO of KKR Real Estate Select Trust

  KKR

• 

  Jacob Feingold

  Head of Originations

  Canyon Partners Real Estate

• 

  Jonathan Hong

  VP, Development & Acquisitions

  Silverstein Properties

• 

  Max Herzog

  Executive Managing Director

  IPA

• 

  Ben Tapper

  Executive Managing Director

  Lee & Associates

• Moderator

  Steven Kurtz

  Partner

  Alvarez & Marsal