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This European Lender Is Beating Out U.S. Banks on CRE Financing in New York City. And No, It’s Not German

Foreign banks are beating out U.S. lenders on originations for commercial properties in New York City in the first half of this year ‒ a trend shift that began in the first quarter and continued in the second, CrediFi found in its latest report on NYC lending trends.

Foreign lenders were responsible for 34% of originations by the top 20 loan originators for NYC commercial properties in Q2, a slightly higher share than in the first quarter.

But the leading European originator is not the one that probably jumps to mind first.

Read the full Q2 2018 report on CRE finance in New York City.

While Deutsche Bank was the biggest loan originator for NYC commercial properties in 2017, it was French bank Natixis that topped the list in the second quarter of this year. Deutsche Bank was also in the top 10, along with Aareal Bank, another German lender, and Spain’s Santander.

However, the share of originations by national lenders ‒ which had previously been the leading lender category in the Big Apple ‒ recovered substantially over the previous quarter, due in part to Wells Fargo’s return to higher levels of CRE origination in Q2.

Wells Fargo’s origination levels in New York City dropped in the first quarter as the bank was dealing with the fallout of multiple misconduct scandals and a Federal Reserve asset cap. Q2 origination more than doubled quarter-over-quarter, but was about half that of the parallel quarter last year.

Meanwhile, New York Community Bank broke through the former SIFI ceiling following the rollback of Dodd-Frank reforms that had set a $50 billion threshold for designation as a systemically important financial institution. NYCB reported at the end of Q2 that its total assets increased to $50.5 billion, with continued growth in its loan portfolio.

The CrediFi report is based on an analysis of $235 billion in financing from Q1 2016 to Q2 2018. It determines the top originators of NYC commercial real estate loans in Q2 and analyzes lending trends in the market.

Find out how the multifamily, retail and office markets are doing in New York City. Read our full Q2 report on commercial real estate financing in NYC.

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Jeff Hendren

President

Jeff Hendren is President of CrediFi and brings to the company more than 20 years of experience in fintech, helping C-level executives and business leaders make data and technology decisions. As CrediFi’s president, he is responsible for executing the mission, vision and strategy for the business, with a focus on sales, marketing, business development and client success. Prior to CrediFi, Jeff was Chief Commercial Officer of Quovo, a data science platform that intelligently aggregates and analyzes financial account data, and CEO of Kurtosys, an enterprise content management platform for financial services companies.  

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Book your personalized
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Book your personalized
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Alex Veksler

Head of Content

Alex Veksler has 16 years of finance, data analysis and project management experience. He is a former vice president at Morgan Stanley, where he worked on product control of equity and fixed-income derivatives products as well as various projects involving finance and technology, such as revamping risk attribution and balance-sheet systems for profits and losses. Alex has previously worked at hedge funds, most recently as a director at Exigent Capital. He has a bachelor’s in computer science from Yeshiva University and an MBA from New York University.

Ely Razin

CEO

Ely Razin founded CrediFi in 2014 with Battery Ventures. A rare combination of seasoned corporate executive and technology entrepreneur, Ely previously served as global head of board governance for Thomson Reuters Accelus and head of business law for Thomson Reuters, after the software company he founded was acquired in 2004. The company, Expert Ease Software, developed AI-based software that automatically summarizes key deal terms for transactions in fields including capital markets, M&A and real estate. Ely began his career as a corporate and securities lawyer, and holds an LLB and MBA from York University.

Frank Muhlon

Head of Transactions

Frank Muhlon oversees CredifX, the commercial real estate financing marketplace that mines the CrediFi database at its core. Prior to joining CrediFi, Frank served as vice president of Northeast region business operations for online CRE property trading platform Ten-X, which has closed over $40 billion in transactions since its inception. He has also held key positions at Orix USA/Houlihan Lokey, Silverstein Properties and Trammell Crow Company. Frank received his master’s degree in real estate finance from New York University and his bachelor’s in finance from Rutgers University.

Charles Mctiernan

Head of Sales

Charles Mctiernan comes to CrediFi from Ned Davis Research Group and Roubini Global Economics, where he was the global head of sales. He also spent more than 10 years at Reuters America Holdings, where he held a number of senior sales leadership roles, including head of solutions sales and head of global accounts. Charles, who received his bachelor’s in economics from East Carolina University, has more than 25 years of experience in technology, data and research sales.

Amichai Levy

VP R&D

Amichai Levy is the former VP of R&D at Israeli high-tech firm Payoneer, where he developed its signature cross-border payment platform and integrated it with existing bank technology. In his prior role at Ness Technologies, Amichai was a key player in developing an electronic case filing system for Israel’s courts. He has over 20 years of experience in software engineering.

David Fajgman

Head of Finance

David Fajgman brings over 14 years of financial and managerial experience to CrediFi. Prior to joining the CrediFi team, he served as finance director of Bioness Neuromodulation Ltd., which develops and manufactures medical devices involved in neurological rehabilitation. He has previously worked in multiple finance roles at Thomson Reuters and as an accounting and consulting manager at Ernst & Young, where he was responsible for a wide range of clients, including companies listed on the Nasdaq and privately held high-tech companies. David is an Israel-licensed certified public accountant and has a bachelor’s degree in business and accounting.

Liat Bar David

Head of Human Resources

Liat Bar David has over nine years of human resources experience, primarily focused on the high-tech industry. She is a former HR business partner at semiconductor solutions provider Broadcom, where she was responsible for onboarding processes, benefits, policies, training and development, performance management and employee retention. Liat holds a bachelor’s in communication and human services and a master’s in human resources and services, both from the University of Haifa.