McCary Stevens Associates, Inc.Commercial mortgage underwriters
McCary Stevens Associates, Inc.
Commercial mortgage underwriters
The principals (photo) and underwriters at McCary Stevens Associates, Inc. (MSA), an employee-owned company, are highly skilled, insurance company and bank trained commercial mortgage loan officers formerly with Aetna, Cigna, and various New York City commercial banks including Bankers Trust, Chemical Bank and Chase Manhattan Bank. Each has typically originated, underwritten, closed and managed close to $1 billion in loans over the last 10 to 15 years of their institutional commercial real estate careers. They have underwritten in all the major markets in the country and analyzed and closed virtually every property type including apartments, retail, office, industrial, hotel, congregate care and other specialty property types.
MSA underwriters know how to quickly analyze, structure, close or review already closed commercial mortgage loans from the simplest to the most complex. And most importantly, each underwriter manages their deal from the initial stage, through due diligence, through review of the third party appraisal, environmental and engineering reports, and through any other issues that may arise. From Quote to Closetm. No junior underwriter takes over when the underwriting assignment is signed up.
All MSA employees and principals believe in and follow our Professional Code of Conduct.
McCary Stevens Associates, Inc. ("MSA") incorporated in December 1993 as an employee-owned company, and since that time has strategically aligned its commercial mortgage lending skills with financial institutions interested in investing in commercial mortgage loans or CMBS b-pieces for their own general accounts or the newly developing commercial mortgage backed securities (CMBS) market.
Through these strategic alliances with institutional partners, MSA offers mortgage brokers, bankers and their borrowers a full range of commercial mortgage loans. MSA's principals have a long history of sourcing commercial mortgages through an independent, nationwide real estate mortgage broker / banking network. This mortgage banking network has real estate professionals located in every major market across the country. Each mortgage banker is well positioned to know their own market's unique real estate and borrower circumstances.
MSA's principals, David McCary, John Stevens, Richard Burton, Austin Mooney, Phil Gonsalves, and John Saunders are former Aetna, Cigna and various commercial bank commercial mortgage originators / underwriters. Over their years in the business, they have personally underwritten over $5 billion of commercial mortgage loans on all property types in most of the major real estate markets across the country.
MSA's first significant funding partner was J.P. Morgan Securities, Inc. in New York City. Since then, MSA has gone on to align itself with a number of other institutional investors including Amresco, Goldman Sachs, Greenwich Capital, Merrill Lynch, Wells Fargo, Countrywide, Allied Capital, American Capital and the United Bank of Switzerland. MSA has originated, underwriten, re-underwritten, and closed commercial mortgage loans and CMBS b-pieces for these institutional clients in many of the primary, secondary and tertiary real estate markets in the U.S.
Prior to founding McCary Stevens Associates, Inc. in 1993, Mr. McCary (photo) spent 11 years as a loan officer in the corporate lending and commercial real estate industries. He spent six years in the commercial real estate industry with Aetna Life and Casualty in Hartford, Connecticut, and, prior to that, spent five years as a corporate lending officer with Manufacturers Hanover Trust Company in New York City.
From 1987 to 1991 Mr. McCary was a commercial mortgage originator and underwriter working the Northeast and Southeast regions. He originated and underwrote over $300 million in new commercial mortgage loans, averaging $10 million. Property types included apartment, retail, office, office R&D, industrial / warehouse and hotels. He traveled extensively to a number of major markets, met with mortgage bankers and borrowers, inspected commercial properties and approved and rejected commercial mortgage loan applications submitted by the Aetna mortgage banker system.
Mr. McCary also performed in depth mortgage reviews on 56 existing commercial mortgage loans totaling approximately $500 million. He helped develop strategies to maximize mortgage values and implemented a number of those strategies including negotiating a number of commercial mortgage modifications with borrowers that improved the structure of the mortgage investments.
In 1992 and 1993 Mr. McCary was an Investment Officer in the Investment Strategy and Policy Group and an Assistant Portfolio Manager managing pension client accounts invested in wholly owned commercial properties. He was team leader for and successfully coordinated the internal sale of a pool of commercial mortgages from one affiliated company to another providing the investors significant tax savings. In addition he analyzed and prepared investment packages on a number of commercial mortgage investments that were being assembled for sale to an outside party.
In the pension portfolio management group, Mr. McCary helped design and implement portfolio strategies for three separate commercial real estate portfolios. He worked closely with pension consultants, advisors and personnel to solicit their investment objectives. He then helped manage the portfolios to meet those investment objectives and prepared detailed quarterly reports describing portfolio management activities and investment results for the pension investors in the three pension accounts.
Mr. McCary is a member of the CMSA (conduit industry trade association) serving as Chairman of its Information Exchange Committee and member of its Executive and Nominating Committees. He is also a Founding Governor of the Chartered Realty Investor Society (CRI) and a member of the Hartford Society of Financial Analysts and the Association for Investment Management and Research (AIMR). A Middlebury College graduate with a Bachelor of Arts degree in economics, he earned his Masters of Business Administration degree in finance at Dartmouth's Amos Tuck School of Business, graduating with the Arnold F. Adams Award in Entrepreneurship.
Mr. Stevens (photo) has been active in the commercial real estate industry for over 20 years, traveling extensively to many of the nation's most active real estate markets. For 15 years, from 1978 to 1993, he worked in Aetna's commercial mortgage real estate area underwriting commercial mortgage loans. Beginning in 1983, he headed up the production team for the West Coast Region (including California, the Pacific Northwest and Mountain States) and later was responsible for loan production in the Mid-Atlantic Region. His regions were consistently the highest producing regions out of the five at the company. In addition to managing these regions, Mr. Stevens was also a voting member on Aetna's commercial mortgage investment committee.
During this period he was directly involved in producing approximately $4 Billion in commercial mortgage loans. These loans ranged in size from $1 million to $200 million with the average size being $15 million. The loans were underwritten primarily on multifamily apartment properties; neighborhood, community, and regional shopping centers; CBD, suburban, and R&D office properties; warehouse and industrial properties; and hotels.
Since 1990, when Aetna stopped investing in new commercial mortgage loans, Mr. Stevens directed the Mid-Atlantic Region strategy to reduce its real estate mortgage portfolio holdings. He restructured maturing loans, negotiated early loan prepayments, appraised real estate collateral securing the mortgages, identified event risks in the mortgage portfolio and developed strategies to mitigate loan losses.
Prior to joining Aetna, from 1976 to 1977, Mr. Stevens was a commercial real estate analyst at State Mutual Life in Worcester, MA, where he underwrote mortgages, acquired real estate equity properties, and managed owned properties in the Midwest, Mid-Atlantic and Southeast regions of the country. He also worked-out and managed six distressed properties acquired from the State Mutual Investors REIT. From 1974 to 1975 Mr. Stevens worked for MassMutual Economic & Realty Research, Inc., a subsidiary of Massachusetts Mutual Life Insurance Company, as a Real Estate Analyst where he conducted real estate supply/demand studies for commercial, industrial and residential income properties in ten major metropolitan areas. In addition, he performed real estate feasibility studies on apartment, nursing home and office projects for outside clients.
A Pittsburg State University graduate with a degree in Economics, Mr. Stevens earned a Masters Degree in Urban Economics at the University of Missouri and was awarded a Graduate Research Assistantship at Washington University in St. Louis. He is also a Founding Governor of the Chartered Realty Investor Society (CRI) and has been active with the International Council of Shopping Centers and is a Board Member of the Urban Suburban Affordables (a Hartford Area Non-Profit housing organization).
Prior to joining McCary Stevens Associates, Inc. as Principal in 1996, Mr. Burton (photo) spent over ten years adding value in the commercial real estate industry working with Aetna Life and Casualty's various commercial real estate departments in Hartford, Connecticut.
From 1988 to 1990, Mr. Burton was a commercial mortgage originator and underwriter. He underwrote over $500 million in commercial mortgage loans, averaging $14 million. He traveled extensively to a number of different markets, met with mortgage bankers and borrowers, inspected properties and approved and rejected commercial mortgage loan applications. Underwritten property types included apartment, retail, office, office R&D, industrial / warehouse and hotels.
Prior to that, from 1985 to 1988, Mr. Burton was a commercial mortgage loan workout specialist. He actively managed a $450 million problem loan portfolio, negotiated loan restructurings, initiated foreclosure action, managed litigation during foreclosure and bankruptcy, testified in court and directed property receivers.
Most recently, from 1991 to 1996, Mr. Burton worked in the property management area managing wholly owned and foreclosed properties. He developed effective property strategies to achieve maximum return on investment on over 70 properties valued at over $500 million. He directed the foreclosure takeover and management of more than 30 of these properties, and negotiated and / or managed the negotiation of over 1.2 million square feet of leasing in these properties.
In addition, he managed the successful sale of 15 of the properties, designed and directed a $5 million construction redevelopment project on a community shopping center, negotiated a complex $4 million settlement with a tenant in bankruptcy within 90 days of taking over the project, and designed and implemented a property reporting format for all on-site property managers including monthly and quarterly operating reports, budgets and lease summaries.
Prior to his real estate experience, Mr. Burton spent 9 years as an active duty Coast Guard Officer after graduating with a B.S. in Computer Science from the Coast Guard Academy. His duties included being Assistant Professor at the Coast Guard Academy teaching Strategic Planning, Accounting and Finance. Mr. Burton received his Masters of Business Administration degree with High Honors from the University of Connecticut.
Mr. Gonsalves has over 14 years of commercial real estate experience. Prior to joining MSA, Mr. Gonsalves was Vice President in charge of underwriting and operations for QuestCap, a conduit originator / underwriter based in Norwalk, CT. While at QuestCap, the company originated and underwrote $30 million in commercial mortgage loans for its mortgage banking affiliates network. The network comprised 15 active mortgage banking companies representing 30 different regions across the country. Prior to joining QuestCap, Mr. Gonsalves underwrote commercial mortgage conduit loans for PaineWebber, managed a loan portfolio sale for a national lender and helped manage Aetna’s commercial mortgage portfolio loans. He also spent six years with Fleet Bank and Centerbank in their commercial mortgage departments both in credit administration / approval and working out commercial mortgage loans. Mr. Gonsalves began his commercial real estate career with a regional appraisal company, valuing both commercial and residential real estate. Mr. Gonsalves earned his BA from Boston College and has completed numerous Appraisal Institute courses.
Mr. Saunders has over 10 years of commercial real estate experience. Prior to joining MSA, he spent 10 years with Cigna Corporation’s commercial real estate department in Bloomfield (Hartford), CT. For most of that time, Mr. Saunders purchased, originated, underwrote and closed over $450 million in commercial mortgage loans for Cigna’s general account, covering various regions across the country including the Southeast, Southwest, and Midwest. In addition, he performed numerous commercial mortgage loan collateral reviews assessing property, market and economic risks and assigning individual quality ratings to each loan for total return analysis and risk management. Mr. Saunders also managed a $350 million equity real estate portfolio for Cigna and its pension clients, for a number of years, coordinating all key property management activities including, leasing, financing, budgeting, capital improvements and disposition. Prior to Cigna, he worked for three years with Aetna Life and Casualty’s fixed income group where he managed the department’s banking relationships and income collections for its mortgage-backed security holdings. Mr. Saunders is a Chartered Financial Analyst (CFA) and a member of the Association for Investment Management and Research (AIMR). He earned a BA in economics from Bucknell University and an MBA from The University of Connecticut.
Mr. Buscher has over 20 years of commercial real estate experience. Prior to joining MSA, Mr. Buscher was a real estate advisor to various insurance, industrial and financial companies including Continental Wingate, United Technologies and The Hartford insurance company in the areas of loan underwriting and lease management. Mr. Buscher also worked at the Boston branch of CRIIMI MAE where he helped established a regional underwriting office and oversaw the production and approval of over $150 million of commercial mortgage loans. Mr. Buscher began his real estate career at MassMutual, where he spent fourteen years in a number of capacities including mortgage loan closing and servicing; loan underwriting; research and new product development; equity acquisitions; and management of the Northeastern regional office. Prior to joining MassMutual Mr. Buscher worked as a lawyer in Baltimore/Washington and Western Massachusetts specializing in real estate and housing law. Mr. Buscher earned a BA from The Johns Hopkins University and his JD from the University of Maryland School of Law.
Mr. Taylor has over 25 years of commercial real estate experience with more than 15 years at financial institutions including Aetna Life and Casualty, the Phoenix Companies, and Security Capital. Prior to joining MSA, Mr. Taylor was a Principal of Old Main Street Investors, a private investment, property development, and consulting company. As a principal, Mr. Taylor was responsible for forming partnerships to purchase commercial real estate, primarily apartment complexes, warehouses, and office buildings from institutional sellers. Additional responsibilities included valuing and positioning portfolios of commercial mortgages for sale for several institutional clients. Prior to forming Old Main Street Investors, Mr. Taylor was a commercial mortgage workout specialist for the Phoenix Companies, where his work included restructuring, foreclosing and selling problem loans with an aggregate principal balance of over $500 million. Mr. Taylor has also worked as an underwriter in the commercial mortgage loan area of Aetna Life and Casualty and as a commercial mortgage portfolio manager for Security Capital Credit Corporation. Mr. Taylor has completed numerous Appraisal Institute Courses and is a member of the CFA Institute. He has a BA degree from Amherst College and an MBA from the Wharton School at the University of Pennsylvania.
Mr. Todd has over 20 years of commercial real estate experience. He spent five years at Chase Manhattan Bank as a commercial mortgage loan officer originating and underwriting commercial mortgage loans primarily out of Chase’s Chicago office. He left Chase as Second Vice President. Mr. Todd next joined Centennial Development Corp. in Tyson’s Corner VA as Vice President of Finance where he managed this prominent commercial real estate developer’s financing needs. Over a six-year period, he negotiated over $750 million in office and industrial loans on their behalf, which enabled the company to triple its real estate portfolio. Mr. Todd next joined Cheslock, Bakker Associates, a boutique real estate investment bank in Stamford, CT where he participated in the underwriting and closing of over $700 million of commercial mortgage loans, which became collateral for various CMBS securitizations. Most recently, Mr. Todd spent six years with Access Management Company, a New Jersey based manager and developer of self-storage properties, where he was vice president of finance. His responsibilities included managing all finance and accounting. While there, he supported the company’s growth from six to twelve properties under management. Mr. Todd earned his BA from the University of Pennsylvania (Wharton) and his MBA from the University of Virginia (Darden).
Mr. Richmond has had over thirty years of real estate investment experience. In the fall of 1991, Mr. Richmond founded The Richmond Company, a firm specializing in real estate counseling. Recent assignments have included consulting with a variety of clients including Metropolitan Life, Hyatt Corporation, John Hancock, and Salomon Brothers. Assignments are handled directly by Mr. Richmond with support staff available as necessary.
For 10 years prior to the founding of his own company, from 1981 through June of 1991, Mr. Richmond directed all of Aetna Life & Casualty's real estate investment activities serving as President of Aetna Realty Investors, Inc. This wholly owned subsidiary of Aetna Life & Casualty had real estate assets of over $28 billion at the time of his early retirement in 1991. Mr. Richmond joined Aetna Life & Casualty in 1970 and over the years assumed increasing responsibilities including direct management of both mortgage lending operations and real estate equity acquisitions.
During his early career years, Mr. Richmond was employed as a field engineer for Turner Construction Company, a financial analyst for Texas Instruments and served in the U.S. Navy as a Company Commander in a Mobile Construction Battalion.
Mr. Richmond has served as a trustee of the Urban Land Institute. He has also been active in a variety of professional real estate organizations including the Mortgage Bankers Association, the National Council of Real Estate Investment Fiduciaries, and the International Council of Shopping Centers. Additionally, Mr. Richmond has been active in his local community serving as the Chairman of the Board of Finance for the Town of Simsbury, Connecticut and as a Director of St. Francis Hospital and the Bank of Hartford. He currently serves as Chairman of the St. Francis Hospital Board Committee on Buildings and Grounds.
Mr. Richmond received a Bachelor of Science degree in Civil Engineering from Rensselaer Polytechnic Institute in 1962 and a Master of Business Administration degree in Finance from Columbia University in 1967.
Mr. Reed is Executive Vice President and Chief Investment Officer for Back Bay Advisors in Boston. He has over 20 years of fixed income management and investing experience. At Back Bay Advisors, Mr. Reed directs the development and implementation of all investment strategy for the company's investment products. In addition, he is responsible for managing the Enhanced Core Account as well as the New England Global Government Fund.
Prior to joining Back Bay Advisors, for eleven years, Mr. Reed was Managing Director of Aetna Capital Management's fixed income group in Hartford, Connecticut. His responsibilities included portfolio strategy, portfolio management, product development and investment management marketing. Prior to that, Mr. Reed managed Aetna Life Insurance and Annuity Company's $12 billion general account portfolio. In addition, he also managed several of the company's fixed income mutual funds. Before joining Aetna, Mr. Reed was a fixed income portfolio manager with CIGNA in Hartford.
Mr. Reed received his Bachelor of Arts degree in Economics from Bowdoin College and his Masters of Business Administration degree in Finance from Columbia University.
Mr. McClintock is a Managing Director and the Head of the U.S. Financial Institutions Group of CIBC World Markets in New York City. He has over 20 years of investment banking and commercial banking experience covering financial institutions. Mr. McClintock has extensive experience with consumer and commercial finance companies, depository institutions, insurance companies, asset managers and broker/dealers and affiliated industries (payments, collections). He assists his clients in equity and debt financings, mergers, acquisitions, and restructurings.
Prior to joining CIBC World Markets, Mr. McClintock worked for Merrill Lynch Capital Markets as a Vice President in the Financial Institutions Group from 1985 to 1991 and Morgan Guaranty Trust Company from 1980-1984, both in the U.S. and overseas. Mr. McClintock received his B.A. from Dartmouth College and his M.B.A. from Harvard University.
Mr. Sargent is currently Chairman of the Board, Principal and active Portfolio Manager at Bradley, Foster & Sargent, Inc., a private investment management company in Hartford, Connecticut. Prior to this, and for 24 years, he was Chairman and CEO of Conning and Company, a Hartford based investment banking firm specializing in the insurance industry.
In addition to his extensive senior management and investment management experience, Mr. Sargent also has significant entrepreneurial experience having founded several specialty line insurance companies including Trenwick Group, a NASDAQ listed reinsurance company, Executive Risk, Inc. a directors and officers liability underwriter that went public in 1994 (DLJ and Morgan Stanley were the investment bankers), and MMI Companies, a NYSE listed medical malpractice company. He also serves on the Board of Directors of a number of other public and private companies, the Hartford Hospital, and other charitable institutions. Mr. Sargent received his B.A. from Yale University.
Mr. Dimock is currently Principal of Arrow Capital, a private investment,
property development and consulting company. For 5 years prior to this he was
with Cornerstone Properties Inc. (NYSE: CPP), where he served as President, COO
and Director. Cornerstone was a
$4.5 billion office building REIT spun off from Deutsche Bank in 1995 with $500
million in assets. Mr. Dimock helped manage this REIT through its rapid growth,
an IPO, numerous property acquisitions and three mergers. Finally, he helped
successfully sell the REIT to Equity Office Properties Trust, the largest REIT
in the United States in 2000.
Prior to his REIT experience, Mr. Dimock spent 23 years in
Aetna Life and Casualty’s real estate investment group, serving his last
several years as President of Aetna Realty Investors, Inc. (ARI). ARI was one of
the country’s largest real estate investment management advisors investing
approximately $5 billion on behalf of U.S. pension fund clients. In addition,
Mr. Dimock served on Aetna’s asset allocation committee with the heads of the
stock, bond and corporate economics departments. He held Series 2, 7, 63, and 65
securities licenses and was a Registered Investment Advisor.
During his early career years, Mr. Dimock worked for
Bankers Trust Company in New York City, completing the bank’s officer credit
training program, followed by 3 years as a U.S. Navy Supply officer including 2
years sea duty as Destroyer (DD-705) department head.
Mr. Dimock has served on the Board of Directors of
Cornerstone Properties Inc., various Aetna subsidiaries, and Tolland Bank, a
publicly traded commercial bank headquartered in Vernon, Connecticut. He has
also been active in a number of real estate industry associations including the
National Association of Real Estate Investment Managers (NAREIM) where he was
Vice Chairman, Chairman and Director, the Building Owners and Managers
Association (BOMA) where he served on the National Advisory Council, and the
Real Estate Clearinghouse (REC) where he was on the Board of Directors and
Executive Committee. Additionally, Mr. Dimock has been active in his local
community serving on the Board of Directors of the Child and Family Services of
Connecticut and the Rockville General Hospital.
Mr. Dimock earned his BA in economics from Williams College in 1968 graduating Cum Laude, Phi Beta Kappa, with Highest Honors in Economics.
MSA principals have developed extensive contacts with the many key professionals that comprise the commercial mortgage industry including mortgage brokers, bankers, borrowers, lawyers, accountants, engineers, appraisers, rating agencies, researchers, and investment bankers. To keep these and other important contacts current, MSA and its principals belong to the following organizations:
| Loan programs | Deals recently closed | Historical
10 yr. Treasury | Current Trsry quotes |
| Who we are | What we do | Testimonials | Library
| Toolshed | Frequently asked
questions |
| Travel desk | R&R |
Quotes of the month | Personnel
| Other R.E. sites | Contact Us
|
| Home page |
© 1996 - 2007 McCary Stevens Associates, Inc.
750 Main Street, Hartford, CT 06103
(860) 761-1000; www.mccarystevens.com