CRE Finance Council hires new CEO after six-month search
The CRE Finance Council hired Stephen Renna to serve as the organization's chief executive officer. Renna will begin his term on May 1 and takes the place of John D'Amico, who has served as interim CEO for six months. Dottie Cunningham, the firm's previous CEO for more than 12 years, resigned in October. Renna plans to ensure that recovery in the commercial real estate space gains speed and that the current rulemaking by federal regulators is in line with mortgage market values and will make capital available. "Commercial real estate finance is crucial to the healthy function of the broader commercial real estate markets and to the larger economy," Renna said. "And CREFC is ideally suited to provide the real estate finance community with an inclusive platform for sharing information, developing market standards and giving clarity of voice to lawmakers." As a 22-year veteran of the commercial real estate industry, Renna most recently held the position of president at the National Association of Real Estate Investment Managers. Members of this firm manage investment capital on behalf of third-party investors in CRE assets. Prior to his tenure at NAREIM, Renna was senior vice president and counsel for The Real Estate Roundtable, a Washington-based national public-policy organization that represents the commercial and multifamily real estate industry. President of the CRE Finance Council Lisa Pendergast congratulated Renna Tuesday. "I am very excited to have Steve on board. Steve is uniquely qualified to lead this association," Pendergast said. "CREFC is the leading voice in commercial real estate finance, and we believe Steve’s extensive experience with major real estate associations, such as NAREIM, The Real Estate Roundtable, and the National Association of Realtors – combined with his vast experience on Capitol Hill — make him the perfect fit to lead CREFC and address the key issues facing the industry," she said. The CRE Finance Council is a trade association that acts as a legislative and regulatory advocate for the commercial real estate market. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.