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Markets
Nov 2024

Capitalizing on the Comeback: Commercial Real Estate

We believe we are entering the most attractive environment for commercial real estate (CRE) lending since the Global Financial Crisis for several reasons: a reset of CRE valuations, improved credit metrics, and a decrease of lending competition as banks are sidelined. As the market enters a cycle of normalization, opportunities have emerged for non-bank lenders to step in and strategically grow market share at attractive entry points.

ABOUT THE AUTHORS

ABOUT THE AUTHORS

  • Morris Chen

    Structured Products - CMBS

    Morris Chen

    Structured Products - CMBS

    Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.

  • Robert Stanbrook

    Structured Products - CMBS

    Robert Stanbrook

    Structured Products - CMBS

    Mr. Stanbrook joined DoubleLine in 2019. He is a Portfolio Manager responsible for the CRE loan platform as well as DoubleLine’s CRE CLO portfolios. Mr. Stanbrook is also a CRE sector specialist on DoubleLine’s Responsible Investment Team, overseeing and monitoring the Responsible Investment integration framework for the CMBS/CRE group. Prior to DoubleLine, he was a Principal and Chief Credit Officer with Narrative Capital Management. Previous to that, Mr. Stanbrook was a Vice President at Colony Capital with day-to-day oversight of origination and underwriting for a $3b bridge lending platform. He began his career in Origination & Acquisitions roles at Karlin Asset Management/Calmwater Capital. Mr. Stanbrook holds a B.A. in Business Administration from Loyola Marymount University.

  • Mark Cho

    Portfolio Manager

    Mark Cho

    Portfolio Manager

    Mr. Cho joined DoubleLine in 2013. He is a Portfolio Manager responsible for the CMBS credit platform at DoubleLine and participates in the CRE New Investment Review Group. Prior to DoubleLine, he was an Investment Associate at H/2 Capital Partners covering a broad range of real estate credit opportunities. Previous to that, Mr. Cho worked in real estate acquisitions as a Director at Jamison Properties and began his career as an Investment Banking Analyst at Lehman Brothers. He holds a B.A. in Economics from Stanford and an MBA from the Wharton School at the University of Pennsylvania. Mr. Cho is a member of the Founder’s Circle of SPIRE (Stanford Professionals in Real Estate).