CREF Corner Office Conversation with CIT’s Matt Galligan

The Mortgage Bankers Association released an interview with CIT Vice Chairman of Real Estate Finance Matt Galligan, who shared his perspective on commercial real estate trends.

Galligan serves on MBA’s Board of Directors and Senior Executive Bank Roundtable.

The full video can be viewed here.

Galligan, in Washington, D.C. for MBA’s Senior Executive Roundtable, said “It’s one of the best venues MBA has and MBA has a lot of good ones. This pools together all the senior professionals in commercial real estate finance across product types, across regions…it’s a great education for somebody like me.”

The MBA Senior Executive Roundtable brings together members from across the commercial real estate finance ecosystem to discuss public policy, property trends and market dynamics. In addition to dialogue, guest speakers included executives from PIMCO, AvalonBay and Nine Four Ventures.

MBA’s first-quarter 2019 Commercial/Multifamily Real Estate Mortgage Debt Outstanding report showed bank lending made up nearly 15 percent of the overall market. For context, Galligan said CIT’s current commercial mortgage portfolio includes about $6 billion on its balance sheet. The company is in the middle of a consolidation process with Mutual of Omaha’s bank, which will add another $2 billion of commercial mortgage assets. While the bank lends nationally, it is particularly active in the Washington, D.C. to Boston corridor as well as in and around California.

Discussing how technology will affect commercial real estate, Galligan cited the more commodity-like businesses as being more likely to feel a stronger impact from technology shifts. Specifically, relatively more standardized loan production operations for loan sizes $10 million and lower.

Galligan’s industry experience spans four decades and he is one of four in his immediate family that have chosen a career in real estate. Sharing some advice for younger real estate professionals, Galligan pointed to networking as a primary key to success. “Work hard,” he said. “Do the best you can at all times, be a person of integrity…..but also, be good and try to help your neighbors because as your career develops, these are the people you’re going to grow with” he said.

In CREF Corner Office Conversations, MBA’s Adam DeSanctis talks one-on-one with commercial real estate finance leaders about their business and engagement with the industry. Other videos in the series can be viewed here.