Tell us about your start in and career in commercial real estate thus far.
I was 21, somewhat recently graduated from college, and looking for a job. I landed at a family-owned boutique real estate firm in New York City and was immediately thrown into the deep end of trying to build a client-base and originate business. At the time, multifamily was definitely one of the hottest product types (and still is), but I was young and new and wanted to learn everything I could about the business. So, I worked on anything people were willing to give me – retail, office, multifamily, whatever. I also began by seeking out clients and projects I thought my colleagues and competitors were overlooking. For me that meant two things: 1) cultivating a client list of smaller, often family-owned investment firms, and 2) seeking out opportunities beyond my immediate geography. This translated to doing a lot of deals outside of New York City when I was first starting out. It also meant that I was in a position to grow with my clients as I helped them execute their business strategies.
It was in my first job that I brokered my first ever Freddie Mac Small Balance loan (SBL). That job is also where I realized that I had a passion for multifamily as a specialty – particularly smaller assets sought out by the type and size of clients I was cultivating.
You joined CBRE at the end of 2015. What made you want to join the firm?
CBRE is a globally recognized brand. When you tell a potential client you work for CBRE, you don’t have to follow that with an explanation of who CBRE is and what we do. Also, the resources and intellectual capital I now have at my disposal are unrivaled – which is a huge benefit to my clients! When I first joined CBRE, I think there was this misconception that I’d have to switch my focus to larger clients or projects, but the reality is CBRE is just as excited about leveraging our platform on behalf of our smaller investment clients as we are about helping larger or institutional investors. We execute deals just as well in the sub $5 million market as we do in the $100+ million market.
Another thing that attracted me to CBRE was the opportunity to help build out the SBL platform from the ground up. It’s not that other professionals weren’t doing SBL deals when I got here, but I recognized that CBRE wanted to build a scalable platform to better connect its SBL originators with the resources they needed to take the business to the next level. It’s been amazing to be part of that development and have a voice in shaping the SBL program at CBRE. We now have 37 professionals across the country, which has translated into a deep pool of knowledge and resources that we can deploy on behalf of our clients.
Why do you think the mid-cap multifamily space is so intriguing?
This space consists of a lot of generational assets and smaller, family-run firms. When I started, that aspect was intriguing to me because I liked the idea of helping clients and building relationships with people that I could grow with as their businesses grew, too. The trust I’ve been able to build with my clients is unbelievable and I take the responsibility of that trust very seriously. And, a cool result of that type of client relationship is I’ve been able to learn so much more about how each of my clients runs their firms and develops their respective strategies, which, in turn, means I can do a better job for them. I don’t know that I’d have that sort of access and insight working with larger or institutional clients. Ultimately, working in this space has been so much more rewarding than I ever thought possible. I’m really excited about going to work every day.
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Jared Sobel is a Senior Vice President with CBRE Capital Markets, Debt & Structured Finance. Mr. Sobel is based in the firm's Midtown Manhattan office and is primarily responsible for originating debt transactions for the CBRE platform nationally. Thus far in his career, Mr. Sobel has underwritten, analyzed and facilitated commercial real estate transactions in excess of $500 million.