Back in 2007, KBREC consisted of four client segments: Institutional, Income Property Group, Healthcare Financing and Homebuilding.
In 2007, KBREC totaled 1,100 employees in 36 offices around the United States and assets were around $14 billion, says Burke.
Indeed, KBREC is making money again, even in the midst of tough economic conditions.
Multifamily has been exceptionally strong for KBREC in 2011, Mago notes.
KBREC has done a good job in figuring out who it wants to do business with, how to be meaningful to that company and coming in with a very strong go-to-market focus, says Mago.
There are things KBREC cannot control, Mago continues.
The very next month would bring his first managerial test; the executive who ran KBRECs Income Property Group requested a meeting with Burko.
By September 2008, the contagion had spread to KBRECs income property portfolio, or construction loans to multifamily, office and retail.
One of the old Key Corporation employees to come over to the new Cleveland-based enterprise was Norm Nichols, currently executive vice president and head of the income Property Group, one of KBRECs three client segments.
Mago, who had been with Key Corporation almost since she graduated from college in 1987, had, prior to the promotion, been running KBRECs health-care division since 2003.
O'Connor, who is now executive vice president and head of KBRECs Loan Servicing and Asset Management unit in Overland Park, Kansas, asserts, "A lot of people look at servicing as a back-room operation and cost center.
The biggest change to KBRECs servicing unit was for the positive, since it also is a rated special servicer, which means it does the workouts on non-performing loans.