The 20 Rising Stars of Real Estate 2008 - (Page 20) balance sheet through the current credit crisis,” he said. “As a lender, it was very challenging 12 to 24 months ago to balance risk management with loan production due to a highly competitive landscape. Only lenders that were disciplined about their underwriting standards made it through unscathed.” Porter described the current climate as challenging for CMBS lenders. “While most banks have many pre-credit crunch loans still on their books, they must be disciplined and not flood the market with these loans. Otherwise, the return of investor interest and confidence will be further delayed.” Prior to joining Eurohypo in 2006, Porter worked within Deutsche Bank’s CMBS underwriting department for six years. “My interest in real estate grew from a real estate finance class I took,” he said. “I chose to work in this field because I felt I would be challenged in many different facets. Real estate analysis, particularly commercial real estate analysis, is one of the most complex studies I have found.” Before joining Deutsche Bank, he spent one year with a real estate consulting group. Porter finds inspiration both internally at Eurohypo and externally at one of its competitors. “The supervisor who I respect and admire the most would be my current boss, Dan Vinson,” he said. “He consistently shares his deep knowledge of law and real estate with everyone around him.” As for the company he most admires, that would be Goldman Sachs. “They represent one of the few companies I know that will continue to follow their strategies even if their competitors take another course,” he explained As for what the future holds, Porter has some ideas. “In 10 years, the real estate industry will likely experience significant consolidation of ownership,” he predicted. “Large private and public companies will over time acquire most major real estate developments.” Meanwhile, by that time, he expects to be either the head of a real estate lending platform or a real estate fund manager. 20 REAL ESTATE RISING STARS 14. RICHARD SCANDALIATO President RKM Capital, El Segundo, Calif. Age: 39 Education: University of Arizona (B.S. in Real Estate Development, Finance and Communications) Mentor: Rob Herbie, Managing Director, NorthMarq Capital Scandaliato originates and places capital, including construction loans and mortgages, for commercial and multifamily properties throughout the U.S. Since its inception in 2006, RKM Capital has successfully advised on numerous transactions, placing debt and equity totaling more than $1.6 billion. Scandaliato said his goal is to double RKM’s annual origination volume to $2 billion within 10 years or less. Scandaliato said he prides himself on arranging financings that result in portfolio growth for clients. Last year, he and RKM served as the broker on a $106 million floating-rate loan for Countrywide Commercial Real Estate Finance to Younan Properties for the acquisition of Thanksgiving Tower, a 50-story office tower in downtown Dallas. The building consists of 1.4 million square feet of office space and is occupied by 47 tenants. Despite the U.S. credit crunch, Scandaliato described the real estate market as “stability people can count on,” adding that the fallout has been good. “The credit crunch has brought about many changes,” he said, citing stronger underwriting standards. “The market needs discipline.” He noted that, as a result, the industry will be stronger in 10 years and in a better position to deal with problems. From 1996 to 2005, Scandaliato was 14. RICHARD SCANDALIATO a senior v.p. and senior director at NorthMarq Capital in Newport Beach, Calif., where he represented real estate owners on debt and equity structures nationwide. From 1993 to 1996, he was a v.p. and sales agent responsible for negotiating sales transactions at Marcus & Millichap in Long Beach, Calif. He also was an assistant v.p. and a leasing and sales agent at Grubb & Ellis from 1991 to 1993. Scandaliato’s memberships include the California Mortgage Bankers Association and the Mortgage Bankers Association of America. He said he got into real estate when a professor in college advised him to explore his interest in it through an internship at a real estate firm. He noted that everything he does is for his family and hopes that his children will get into real estate as well. MARCH 2008
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