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Development Finance Team

Corporate
Bob Balfour

Robert (Bob) Balfour — Managing Partner — Development Finance Group:
Bob is responsible for the strategic direction and operations of the construction and development finance line of business (“DFG”) for MCAP nationally.

DFG services the Canadian real estate market focused on residential and commercial construction loans, value-added capital requirements (mezzanine and equity structures) and loan investment management.

Operating from four offices regionally located in Vancouver, Calgary, Edmonton and Toronto, DFG contracts with its Developer/Borrower clients to arrange financing on a focused & targeted basis. DFG structures each investment transaction on its merits directing the origination to DFG investor clients best suited for the investment based upon product, location, pricing, capacity, developer history and experience.

Bob has been with MCAP since 1994 and active in real estate finance since 1975. His real estate finance experience is extensive from direct lending, real estate brokerage (as owner principal) and mortgage banking with MCAP DFG.

He is a licensed mortgage and real estate broker and is a past President of the Alberta Mortgage and Loans Association. Bob currently sits on a private Advisory Board , is a member of an executive peer mentor group (TEC/Vistage) and an active Rotarian.

Sun Life Plaza, North Tower
140-4th Avenue SW
25 Floor Suite 2500

Calgary, AB T2P 3N3
1 403 451 1191
1 800 613 9106

Susan Feldman

Susan Feldman is Vice President of Investor Relations & Investment Management within the Development Finance Group. Reporting directly to Robert Balfour, Managing Partner, Susan is responsible for maintaining and managing existing lending investor relationships and helping to develop new lending investor relationships to support the targeted growth for the Development Finance Group.

Additionally, Susan is responsible for all aspects of the group’s lending investor relationships including establishing investment management & credit policies; credit adjudication, investor reporting & compliance; contract renewals & extensions and managing the allocation and prioritization of loans presented to the Group’s lending investors to maximize portfolio utilization as agreed with its investors.

Susan brings a wealth of experience and expertise to this position having been active in commercial lending and construction financing since obtaining an MBA in 1985. She worked in loan origination for Schedule A banks and default loan management for Trust companies, and was Treasurer for a Toronto based Real Estate Development Company before joining MCAP in 1997. She’s held several positions within MCAP, most recently as VP Investment Management, responsible for both the residential construction and commercial term lines of business.

400-200 King Street West
Toronto, ON M5H 3T4
1 416 591 2892

Vancouver
Herman Kwan

Herman Kwan has been the Managing Director of MCAP’s Development Finance Group in Vancouver since 2012 and has worked in construction finance since 1995. During his career, he has completed single transactions from $2,000,000 all the way up to $400,000,000, for projects in both Canada and the United States. Herman and the Vancouver team are very active in construction, land acquisition and inventory financing within the BC market, and they have extensive experience in structuring multi-family construction deals across the Lower Mainland. The loans are typically first mortgages but are sometimes second mortgage financings, or even a combination of both. The team is known for its knowledge of the development process, and takes pride in delivering well structured financing solutions for its clientele.

2100-475 Howe Street
Vancouver, BC V6C 2B3
1 604 630 3665
1 800 977 5877

Ray Johnson

Ray Johnson is a Senior Director with MCAP’s Development Finance Group, based in our Vancouver office, having joined in 2006. His primary responsibilities comprise sourcing and structuring senior and mezzanine construction & land debt opportunities for multi-family, rental, and commercial developments in BC.

Ray holds a Bachelor of Commerce degree from the University of British Columbia, with a specialization in Real Estate, and is a registered sub-mortgage broker under the British Columbia Ministry of Finance Mortgage Brokers Act.

2100-475 Howe Street 
Vancouver, BC V6C 2B3
1 604 630 3668
1 800 977 5877

Calgary
Michael Roulston

Michael Roulston is the Managing Director of MCAP’s Development Finance Group – Central West Region. He is responsible for overseeing mortgage origination and managing the team for the region. Michael has been leading the Central West Team since 2012 and joined MCAP originally in 1995. In 1997, Michael transferred from Toronto to Calgary to join the Central West team. Prior to MCAP, Michael worked at Royal Trust in the Special Loans Group in Toronto. Michael has a depth of experience in all aspects of development financing (Conventional, Mezzanine and Equity). Michael has been part of the Central West team as it grew from initial volumes of +/-$50 Million per annum up to peaks of $1 Billion per annum and has worked through numerous economic cycles. With extensive Investor and Borrower relations Michael leads a very seasoned Central West Team in providing best in class financing solutions to our developer clients. Business focus is on Multi-family projects, Land Development and Commercial Construction. Personally, Michael is a father of three girls and is immersed in their sports and activities.

Sun Life Plaza, North Tower
140-4th Avenue SW
25 Floor Suite 2500

Calgary, AB T2P 3N3
1 403 451 1192

Stephen Jones

Stephen Jones is the Director of Investment Management within the MCAP Development Finance Group’s Calgary office. Stephen joined MCAP in October 2001 and has held various positions within MCAP as part of the origination, credit and funding teams. He works closely with the branch’s underwriting and funding staff to oversee the origination and responsible servicing for loans ranging in size from $2 million to in excess of $200 million. Stephen takes pride in financing multi-family residential (condo & rental), land servicing and commercial developments, including office, retail and industrial uses. Stephen has experience with both interim construction lending and long term takeout financing applying an innovative mix of loan structures, including conventional loans, subordinated debt or mezzanine financing, co-lending arrangements and multi-lender syndications.

Stephen graduated from the University of Western Ontario in 1999. He is a licenced member of the Real Estate Council of Alberta and has been a licensed Mortgage Agent in Alberta since 2000.

Sun Life Plaza, North Tower
140-4th Avenue SW
25 Floor Suite 2500

Calgary, AB T2P 3N3
1 403 451 1194

Blake Lowden

Blake Lowden is a Senior Director within MCAP's Development Finance Group, Central-West branch. Since joining in 2004, Blake has progressed from a Junior Credit analyst to his current role as a Senior Director and as such, is responsible for originating, structuring and underwriting debt and equity facilities ranging from $10 - $200 million. Blake’s primary focus pertains to land servicing, multi-family construction, and retail/commercial construction. Moreover and as the financial markets continue to transform, Blake has relied on his experience in syndications, pari-passu loans and A/B loans to ensure an appropriate financing solution is developed.

In addition to an undergraduate business degree majoring in Finance from the University of Calgary, Blake has completed his MBA degree. He is a licensed member of the Real Estate Council of Alberta and has been a licensed mortgage agent since 2005.

Sun Life Plaza, North Tower
140-4th Avenue SW
25 Floor Suite 2500

Calgary, AB T2P 3N3
1 403 451 1195

Aaron Forbes

Aaron Forbes is a Senior Advisor within MCAP's Development Finance Group, Central-West branch. Aaron joined the Central West MCAP branch in January 2007 as a junior analyst focusing primarily on underwriting of new commercial construction loan facilities. In 2009, he was promoted to Senior Analyst and in 2013 to Senior Advisor. In this new role, Aaron is responsible for loan origination of residential, retail, and industrial projects ranging from $2 to $250 million. As part of the Central West branch Aaron has been involved in the structuring of over $5 billion of real estate transactions to date including 1st mortgage, 2nd mortgage, and equity positions throughout western Canada. Through these experiences he has gained a solid understanding of the real estate finance market as well as the legal, funding, and regulatory requirements precedent to completing these transactions.

Aaron attended the University of Calgary majoring in Economics and Finance and in 2013 became a CFA Charterholder. He is a licensed member of the Real Estate Council of Alberta and has completed the Mortgage Associates Program. In the fall of 2012, Aaron volunteered in Phnom Pehn, Cambodia working for Sovann Phoum a micro credit non-profit organization with a loan portfolio of $150,000 USD. Outside of work Aaron enjoys travelling having visited over 20 countries and is also an avid snowboarder and music fan.

Sun Life Plaza, North Tower
140-4th Avenue SW
25 Floor Suite 2500

Calgary, AB T2P 3N3
1 403 451 1197

Toronto
Bruno Iacovetta

Bruno Iacovetta is a Managing Director in MCAP's Development Finance Group based in our Toronto production office and has been with MCAP for nearly 24 years. Bruno and his team provide financing primarily for residential construction developments - including sub-divisions and condominiums - in the Ontario market.

Prior to moving into production in 2007, Bruno was Vice President, Investment Management, where he was responsible for managing MCAP's residential construction lending programs, including underwriting, portfolio management, credit adjudication, special loans, asset allocation and investor relations. He has effectively managed loan portfolios in every kind of real estate market.

400-200 King Street West
Toronto, ON M5H 3T4
1 416 368 8890
1 800 387 4405

Philip Frank

Philip Frank is National Director, Funding & Servicing for MCAP’s Development Finance Group (DFG). He oversees and controls branch operations for the funding and servicing of construction loans in Central Ontario as well as leading the policy and loan servicing standard on a national basis.  Philip has been with MCAP Financial Corporation for more than 20 years, primarily involved in managing the funding and servicing of both commercial mortgages and construction loans.

Philip is an experienced underwriter with exceptional problem solving skills, and is familiar with the variety of construction mortgage products and loan structures. He has successfully facilitated viable servicing strategies for MCAP’s investor clients, and his job dedication and relationship management skills ensure the timely delivery of service to meet his client’s needs.

400-200 King Street West
Toronto, ON M5H 3T4
1 416 591 5202
1 800 387 4405

James Tobias

James Tobias is a Senior Director with MCAP and has experience originating and underwriting construction, commercial, and mezzanine loans across a broad spectrum of product types and structures ranging from $10,000,000 to $200,000,000.

James oversees, underwrites and manages a diverse portfolio of commercial and residential construction loans for his various MCAP investor accounts. Clients respect James for his knowledge, attention to detail, and for his perseverance in always looking for the best deal possible. Prior to joining the MCAP team, he worked for three years at a non-bank private lender.

400-200 King Street West
Toronto, ON M5H 3T4
1 416 847 3484
1 800 387 4405

David Gwilliams

David Gwilliams is an Advisor at MCAP responsible for the analysis, underwriting and management of land, land servicing, construction (low rise and highrise), and inventory loans (deal sizes of $1,000,000 - $180,000,000).

David has been in the construction lending industry for over a decade, working on both the finance and project management sides of the construction industry. Before MCAP, he worked at a non-bank mortgage lender specializing in residential development and construction loans (deal sizes of $500,000 - $20,000,000).

400-200 King Street West
Toronto, ON M5H 3T4
1 416 847 3550
1 800 387 4405

Mario Policicchio

Mario Policicchio is Senior Analyst in MCAP's Development Finance Group (DFG) who joined the team in 2014 as an Analyst. He is responsible for the analysis, underwriting/structuring, and management of financing for low and high-rise construction projects (deal sizes of $1,000,000 - $70,000,000).

Prior to joining the MCAP team, he worked for a boutique real estate appraisal and advisory firm in Toronto, specializing in re-development land and brownfield site valuation and analysis. Mario holds a Bachelor of Commerce degree from Ryerson University and is a Registered Ontario Mortgage Agent with Mortgage Professionals Canada.

400-200 King Street West
Toronto, ON M5H 3T4
1 416 591 2748
1 800 387 4405


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