David Sliwicki
Summary
CRE finance/investment professional and manager with extensive experience across all property types. Specialized experience in CRE work-outs/restructurings, REO asset management and dispositions, SFR property operations, CRE credit & underwriting, and LIHTC asset management and origination.
Overview
36
36
years of professional experience
Work History
Lecturer, Real Estate and Urban Land Economics
University of Wisconsin - Madison
01.2024 - Current
- Provide instruction for Real Estate Process (RE 306) and Real Estate Seminar Series (RE 765) in Spring 2024 and Academic Year 2024-25.
- Course load consisted of 4 credits in Spring 2024 and 10 credits in each semester of Academic Year 2024-25
- Integrated standard course curriculum for RE 306 with CRE industry experience gained over three decades, resulting in practical insights and applications of course content.
- Identified topics and speakers for Real Estate Seminar series in Spring 2024, Fall 2024 and Spring 2025. Collaborated with speakers to fine tune content to overall learning objectives.
- Met with all RE 306 students for a 20-30 minute one on meeting each semester as per course curriculum. Each session provide students opportunity to share the goals related to the class as well as explore other topics such as internship, professional career paths in real estate, and identify ways to further support each student's academic experience.
- Collaborated with Affordable Housing Director to provide standard track graduate students with exposure to Affordable Housing issues and solutions. Resulted in highly successful November 2024 Chicago Field trip.
- Received Course Evaluation Ratings of 4.85 for Spring 2024 RE 306 and 4.92 for RE 765-Seminar.
Executive Vice President Market Operations
Second Avenue
08.2017 - 06.2024
- Joined start-up company as one of 4 original employees.
- During early tenure, oversaw all transaction management, debt placement and asset management for properties acquired.
- Assisted in the build out and transition to self-management of properties, including writing policies / procedures, hiring key staff, and framing out property software platform.
- Tapped to expand SA's local market acquisitions of SFRs and opened offices in 7 markets including hiring of analyst and acquisition officer staff.
- Continued to manage and lead the local market acquisitions team through Covid period until Summer 2022. Local teams under leadership were primary driver for acquisitions.
- With additional growth of company and new institutional investors partnering with SA, transferred to report directly to COO to work on key strategic initiatives and change management to facilitate continued efficient growth.
Vice President - Asset Management & Strategic Initiatives
Home Partners of America - Pathlight Property Mgt
10.2015 - 08.2017
- Joined single family rental investor, Home Partners of America, to assist in the further development of its in-house property and asset management capabilities and platform. Portfolio comprised approximately 7000 single family rental homes in 30 markets across the United States during tenure.
- Developed detailed portfolio management metrics to assess property management efficacy on a monthly basis. Metrics/analysis has evolved to be company standard for reporting to outside investors and lenders for portfolio-wide performance.
- Worked with IT consultants to build out daily dashboard based on monthly metrics to create actionable items for line staff in the areas of rent collection, occupancy management, and re-leasing.
- Identified weaknesses in rent collection performance relative to industry benchmarks and worked with Head of Operations to implement changes to rent collection practices. These changes have resulted in 125 bp increase in 30 day collection rates and 50 bp increase in 60 day collection rates.
- Authored and implemented new policies and procedures for third party vendor engagement, governmental rental subsidy programs, and natural disaster response.
- Developed annual operating budget for property management group with focus on identifying opportunities for improved efficiency ratios with additional scale.
- Responsible for direct of management of 12 persons within the property management group.
Vice President - Asset Management and Debt Capital
American Residential Properties, Inc
03.2013 - 10.2015
- Hired to build out niche financing platform to permit American Residential Properties to deploy short term capital, at above market rates, while leveraging company's expertise in single family residential/rental investment.
- Implemented business plan and authored policies/procedures to provide high leverage, acquisition/renovation credit lines to finance distressed and value added single family real estate on a nationwide basis.
- During tenure, credit extended totaled approximately $80 million with no loan losses.
- Oversaw staff of 5 analysts & loan administrators while maintaining day to day credit and portfolio management responsibilities.
- Key member of SOX implementation/compliance team.
- Additionally, provided property asset management for single family homes which company owned in the Midwest.
- Successfully reduced exposure through active portfolio strategies when American Residential Properties positioned itself for sale to larger rival, American Homes For Rent.
Senior Vice President - Special Assets Group
Bank of America - Special Assets Division
08.2008 - 03.2013
- Served as team leader of newly formed CRE work-out group with responsibility for "player-coach" role.
- Direct oversight/resolution of $300 million portfolio of troubled loans and team leader for 4 work-out officers and 2 analysts with additional $500 million under management.
- Transitioned to CRE REO Asset Sales / Management division in March 2010. Primary role was strategic management of commercial properties acquired through the foreclosure process with focus on preparing properties for disposition and overseeing sales process.
- Hired third party property brokers and managers, established annual operating and capital budgets, analyzed lease transactions and negotiated those which were accretive to value, and managed syndicated bank ownership groups.
- Sales completed totaled in excess of $300 million and included urban mixed use, hospitality, office, student housing, strip retail, industrial, self storage and land.
- Transaction highlight was the sale of Block 37, a major mixed use project under construction in downtown Chicago to an LA-based pension fund manager.
Managing Director - CRE Debt Investments
Deerfield Capital Management
02.2004 - 08.2008
- Established CRE debt investment platform for credit hedge fund/alternative investment manager with over $14 Billion under management
- Responsible for sourcing, valuing, and structuring CRE debt and equity transactions for placement in various funds and CLOs managed by Deerfield Capital
- Portfolio comprised approximately $250 million of subordinated CMBS tranches, B notes, CRE mezzanine/bridge loans and high-yield syndicated/rated corporate bank loans having commercial real estate exposure.
- Managed small staff of analysts and loan administrators, while maintaining day to day responsibility for investment write-ups and portfolio reporting.
- Secured and negotiated repo agreement with major money center bank to provide leverage on portfolio for eventual exit via a CLO strategy.
- Represented Deerfield Capital's CRE platform during presentations to institutional investors and at investor conferences throughout Asia.
Vice President and Midwest Team Leader
National Equity Fund
12.2002 - 12.2004
- Strategic and day to day management of a ten person team responsible for the origination, structuring, and asset management of equity investments in multi-family, affordable housing developments via Low Income Housing Tax Credits.
- Reorganized origination team to increase visibility in the market via a variety of initiatives resulting in a 50% increase to $105 million of equity investments per annum.
- Represented NEF at industry conferences/events.
- Served as senior relationship manager on high profile investments.
- Interfaced with NEF's institutional investment partners relative to portfolio quality and metrics.
Vice President - Structured Finance and Asset Management
Transamerica Real Estate Finance (SBCC)
09.1996 - 12.2002
- Primary responsibility was the origination and structuring of "value added" real estate debt and mezzanine transactions meeting the company's risk and return criterion.
- Annual loan production averaged $80 million and was sourced through direct and mortgage banker calling programs.
- Co-authored updated business plan which included launching loan sales program with major investment bank to supplement bridge financing opportunities.
Vice President - Managing Director
Century Place Development Corp
03.1995 - 08.1996
- Following completion of work-out and REO asset management at Citi, was approached to join local NFP housing developer to complete restructuring/repositioning of two failed LIHTC transactions and stabilize team for sustained growth going forward.
- Strategy consisted of out-sourcing day to day property management while hiring experienced asset management and development management staff.
- During tenure, 400 units of subsidized units were completed and tax credit equity/secured for an additional 150 units.
- Remained active board member for additional 3 years.
Relationship Manager/Work-out Officer/Asset Manager
Citicorp Real Estate, Inc
07.1988 - 03.1995
- Following completion of formal credit training, placed in Boston office as junior RM responsible for underwriting new commercial real estate construction loans and account management of existing relationships. Property types included retail, office, warehouse, for sale residential and multi-family.
- Transferred to commercial real estate work out and asset management group and completed in excess of $300 million of trouble loan restructurings and asset managed an REO portfolio in excess of 1 million square feet of industrial and suburban office properties.
Education
Master of Science - Real Estate
University of Wisconsin - Madison
Madison, WIBachelor of Science - Finance
Marquette University
Milwaukee, WISkills
- CRE - Credit, Underwriting and Valuation
- Loan Work-out and Resolution
- OREO Asset Management
- Asset Sales/Dispositions
- SFR Property Operations
- Experience with all major commercial property types in many US markets
Credit Training
Successful completion of Citicorp's three phase, comprehensive credit training program. Training included:
- Five months analyzing and underwriting new real estate loan transactions.
- Five months intensive classroom training held at the Citicorp Institute for Global Finance in NYC covering advanced topics in analytical accounting, corporate finance, capital markets, and credit analysis.
- Two month interim position in Citicorp Securities, Inc., preparing commercial real estate loans for sale to institutional investors.
Licenses Currently Held
Arizona Real Estate Salesperson
Wisconsin Real Estate Salesperson
Timeline
Lecturer, Real Estate and Urban Land Economics
University of Wisconsin - Madison
01.2024 - Current
Executive Vice President Market Operations
Second Avenue
08.2017 - 06.2024
Vice President - Asset Management & Strategic Initiatives
Home Partners of America - Pathlight Property Mgt
10.2015 - 08.2017
Vice President - Asset Management and Debt Capital
American Residential Properties, Inc
03.2013 - 10.2015
Senior Vice President - Special Assets Group
Bank of America - Special Assets Division
08.2008 - 03.2013
Managing Director - CRE Debt Investments
Deerfield Capital Management
02.2004 - 08.2008
Vice President and Midwest Team Leader
National Equity Fund
12.2002 - 12.2004
Vice President - Structured Finance and Asset Management
Transamerica Real Estate Finance (SBCC)
09.1996 - 12.2002
Vice President - Managing Director
Century Place Development Corp
03.1995 - 08.1996
Relationship Manager/Work-out Officer/Asset Manager
Citicorp Real Estate, Inc
07.1988 - 03.1995
Master of Science - Real Estate
University of Wisconsin - Madison
Bachelor of Science - Finance
Marquette University
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