Commercial Property Executive, sort of the bible of publications for owners and managers of institutional-grade commercial properties, has as its cover story this month a rock solid piece on the head of our sister company, Prudential Mortgage Capital.
During the past several years, PMC has been climbing the Mortgage Banker's Association's annual ranking of commercial real estate loan originators. According to the publication, the company stood in sixth place in 2009, up from 15th in 2007. At midyear this year, Prudential Mortgage Capital had originated close to $3.76 billion in commercial property loans.
David Twardock, Prudential Mortgage Capital president, is optimistic about the industry. His hallmark has been taking the initiative -- and NOT playing defense. He has forged relationships with Prudential Real Estate Investors, another sister company. From the outside looking in, one might think that all of our groups work together. But historically, they have not. Similarly, we at Blue Rock Realty Advisors also are forging relationships of this type, both with PMC and PREI. That synergy makes a difference, and PMC is a leader with whom it makes sense to do business. And Twardock's creativity is forging numerous possibilities. The company's growth has been steady through both good and bad times.
The article is a good read, and worth taking the time to look at. I have established a link to the site here.
Investment sales are up, the Fed is working to keep interest rates low -- something that historically has favored commercial real estate. Twardock's philosophy is that of being a team player. The article is largely a profile of his career and how he has steered PMC to its current level.
Team. That means something in today's commercial investment property business. It has long been my philosophy, and it is the backbone of most successful brokers, owners and property managers, alike. And trust. Twardock notes that to earn trust you must have a solid communication plan that you follow, not just talk about.
Says he: "You have to lay out the issues, lay out what you are going to do about it and tell them where you're going next."
I couldn't agree more.