This Bank Was the Top Commercial Real Estate Lender in Chicago in Q1 2017

The No. 1 commercial real estate lender in Chicago in Q1 2017 was Goldman Sachs, as CrediFi reported this month in its Chicago Lending Spotlight for the quarter.

Goldman topped the CrediFi Quarterly Ranking primarily due to its role as lead lender (along with Bank of America and Citigroup) in this year’s $1.02 billion financing of Willis Tower, the iconic Windy City skyscraper formerly known as Sears Tower.

Wells Fargo was the No. 2 Chicago lender in Q1 and has been a strong lender in Chicago’s commercial real estate market over the past year, originating over $2.5 billion over all of 2016 – more than the other top lenders of 2016, JPMorgan Chase and Goldman Sachs.

Wells Fargo issued one of 2016’s biggest CRE loans in Chicago: a $1.05 billion loan for an Illinois retail portfolio consisting of approximately 40 properties, including Chicago’s 4640 W. Irving Park Rd.

In addition to national banks like Goldman Sachs, Wells Fargo and JPMorgan, Chicago’s top 10 commercial real estate lenders in Q1 also include regional Chicago-area lenders like Lakeside Bank (No. 7) and First Midwest Bank (No. 9), along with insurance companies MetLife (No. 3), New York Life Insurance (No. 8) and Paris-based AXA (No. 10).

The rankings are part of the Q1 2017 CrediFi Lending Spotlight for Chicago, which is based on an analysis of $33 billion in commercial real estate financing from Q1 2016 through Q1 2017.

Another top Q1 lender is LoanCore Capital Credit REIT, an investment vehicle (along with Jefferies LoanCore) of privately held asset management firm LoanCore Capital. The real estate investment trust came in at No. 6 in the Q1 ranking, having originated over $100 million in commercial real estate loans in Chicago in Q1 2017.

To download the entire Lending Spotlight, click here.

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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

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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

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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.

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