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Development Finance Team

Corporate
Bob Balfour

With MCAP since 1994, Robert (Bob) Balfour is the Managing Partner - Development Finance Group. Located out of the group’s Calgary office, Bob leads a team of professionals operating through four regional offices in Toronto; Vancouver; Calgary & Edmonton. The Development Finance Group services the Canadian real estate development market specializing in real estate debt and equity capital origination and loan/investment management. The Group focuses its business activities on commercial & residential construction loans and value-added capital requirements and services (mezzanine & equity structures ) in the Greater Toronto (GTA); Alberta (principally the Calgary/Edmonton corridor) and southwest BC ( primarily Vancouver/Lower Mainland).

Bob has been active in real estate finance in the Alberta market since 1975. Born, raised and educated in Calgary, Bob's broad industry experience comes from firsthand experience in the brokerage industry, working with trust companies and life insurance companies. He is a licensed mortgage and real estate broker and is very active with Rotary. He has also served as Past President of the Alberta Mortgage and Loans Association.

645-1331 Macleod Trail SE
Calgary, AB T2G 0K3
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 is the Managing Director of MCAP’s Development Finance Group based in our Vancouver office and has been with MCAP since 1999. Herman and the Vancouver team are focused on multi-family construction and land acquisition financing primarily within the BC market. Herman has completed single transactions ranging upwards to $400,000,000 in both Canada and the United States.

Prior to joining MCAP, Herman worked at a major property and casualty insurer for 4 years, servicing general contractors and subtrades throughout Western Canada.

1400-1140 West Pender Street
Vancouver, BC V6E 4G1
1 604 630 3665
1 800 977 5877

Ray Johnson

Ray Johnson is an Senior Director with MCAP’s Development Finance Group, based in our Vancouver office having joined in 2006. His primary responsibilities include sourcing and structuring senior and junior debt opportunities for residential and commercial projects throughout 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.

1400-1140 West Pender Street
Vancouver, BC V6E 4G1
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 branch.  Michael has 25 years in the mortgage lending business, of which, 19 years, have been with MCAP. He has completed mortgage transactions in most provinces in Canada with a primary career focus on originating Development Financing in Alberta. With a focus on commercial construction, condominium construction and land development financings, Michael offers extensive experience in all levels of real estate financing (conventional, mezzanine and equity) and where possible assembling all three tiers as a “one stop shop”.  He has been in a senior or lead role in a heavily transaction oriented branch for multiple years where loan production ranged from $500 Million to $1.2 Billion. The loans sizes have typically ranged from $10 million-$100 Million with additional experience on loans up to $200 Million in Canada and U.S. In addition and when required, several loans have been completed on a syndicated basis (Pari-Passu or A/B structures)

Michael prides himself on a deep team at the branch level and corporately. A team that can generate Creative and Creditworthy structures combined with the needed Expertise, Relationships, and Passionate work ethic to close transactions.

645-1331 Macleod Trail SE
Calgary, AB T2G 0K3
1 403 451 1192

Stephen Jones

Stephen Jones is the Director of Investment Management within MCAP's Development Finance Group, Central-West branch. Stephen joined MCAP in October 2001 and has held various positions within the Central-West branch in both the funding and origination groups. He works closely with the branch’s underwriting and funding teams with loans ranging in size from $2 million to in excess of $200 million. Stephen has played key roles in all aspects of financing on multi-family residential, commercial, land servicing, as well as second mortgage and mezzanine transactions. Stephen has negotiated both interim construction and long term takeout financing with a diverse mix of loan structures, including conventional loans, structured finance deals, co-lending arrangements and syndications.

Stephen graduated from the University of Western Ontario in 1999, after which he moved to Calgary and has been a licensed Mortgage Agent in Alberta since 2000.

Stephen enjoys spending time with his family, whether it be golfing, skiing or attending his kids many activities.

645-1331 Macleod Trail SE
Calgary, AB T2G 0K3
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.

645-1331 Macleod Trail SE
Calgary, AB T2G 0K3
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.

645-1331 Macleod Trail SE
Calgary, AB T2G 0K3
1 403 451 1197

Edmonton
Marc Prefontaine

Marc Prefontaine is the Senior Director of MCAP's Development Finance Group, Central-West Edmonton branch. Marc commenced his career in Real Estate Finance with MCAP in early 2002 as a junior analyst in the Central West Branch in Calgary, Alberta. From 2002 to 2010 Marc worked in various positions from analyst to Senior Advisor gaining valuable experience in underwriting, origination, adjudication, servicing, asset management and default management of interim and term mortgages. Specific highlights and accomplishments during this time included origination of large single-loan transactions over $200MM, part of a production team that produced annual volumes in the $1BB range in multiple years and the knowledge gained in a Mortgage banking model in various debt and equity structures including syndicate pari-pasu loans, A/B loans, Club deals, and structured finance deals for 100% of the capital stack.

In 2011, Marc opened a satellite branch of Central West in Edmonton to increase MCAP’s knowledge and presence in the growing Alberta market. Marc is a graduate from the University of Calgary with a BComm in finance and has been involved in various industry associations including Mortgage loans Association, RECA, Urban Development Institute and the University of Calgary and University of Alberta Real Estate programs. Marc sits on the board of a +/-$70MM Private MIC, K/V Mortgage Fund Inc., and chairs the lending Review Committee for the MIC.

Personally Marc is the proud father of 2 boys, enjoys playing and watching hockey, and is an avid fly fisherman who loves to travel to remote destinations to fish.

1400, 10235 101 Street NW
Edmonton T5J 3G1
1 780 665 0962

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

David McCrossan

David McCrossan, Chartered Financial Analyst, is a Director in MCAP's Development Finance Group (DFG) and has been with MCAP since 2001 holding a variety of positions in both the Vancouver and Toronto offices. David has performed an integral role in completing construction financing transactions ranging from $1,000,000 upwards to $400,000,000 all across Canada in a broad array of product types and spanning the entire risk spectrum.

David holds a Bachelor of Commerce degree from the University of British Columbia with a specialization in Real Estate. Current responsibilities include sourcing and structuring deals, managing the DFG underwriting staff, and liaising with MCAP’s various Investor Accounts.

400-200 King Street West
Toronto, ON M5H 3T4
1 416 591 2741
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 an Advisor with MCAP and has experience originating and underwriting construction, commercial, and mezzanine loans across a broad spectrum of product types and structures ranging from $1,000,000 to $155,000,000.

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 a Senior Analyst 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 - $85,000,000).

David has been in the construction lending industry for almost 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