BREAKOUT SESSION: Financing the Future: Debt and Equity in Build-to-Rent Housing
Build-to-Rent communities are attracting growing interest from institutional investors, yet the financing landscape for this emerging asset class continues to take shape. This session explores how lenders and capital providers are structuring debt and equity for BTR projects, addressing challenges such as lease-up risk, takeout financing, and securitization. Panelists also discuss how federal policy can support scalable Build-to-Rent development within the broader multifamily market.
Speakers
Moderator
Terry is currently the Chief Underwriter - Affordable and Technical Support for Berkadia Commercial Mortgage. Prior to Berkadia, Terry was at PNC Bank where he most recently served as Senior Vice President/FHA Chief Underwriter. Prior to his tenure at PNC Bank, Wellman served as Vice President of Product Development at Precept Corporation, where he managed the development, implementation, and expansion of new features for the company’s online real estate finance auction website. He has also held roles at Situs Realty Services, Archstone Communities Trust, and Bach Thoreen McDermott Incorporated. Over his career, he has overseen or underwritten loans totaling over $3 billion for CMBS/conduit financing, FHA, Freddie Mac, Fannie Mae, and for tax credit equity investments. Terry is also an instructor for the MBA’s 223(f) Underwriting Training Course, in addition to having taught the MBA’s Excel for Commercial Properties course. Terry has co-led nationally-broadcasted training for HUD staff on tax-exempt bonds and Opportunity Zones. He has spoken numerous times at conferences on affordable housing and FHA financing topics. Terry is a graduate of the University of Texas at Austin and a member of the 2019 MBA Future Leaders program.
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