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On-Demand - CMBS 101: An Introduction to Commercial Mortgage Backed Securities - Part One

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This on-demand video will cover the first portion of CREFC's CMBS 101. The following topics will be reviewed by leading industry experts:

  • Defining CMBS 
  • A Background on Commercial Mortgage-Backed Securities (CMBS)
  • CMBS: A Core Fixed-Income Asset Class
  • Mortgage Loan Characteristics and Pool Aggregation
  • Transaction Process and Considerations

This series is sponsored by:



  • Adam A. Behlman, President and Chief Investment Officer, REIS, Starwood Property Trust

    Mr. Behlman is the President and Chief Investment Officer of the Real Estate Investment & Servicing segment for Starwood Property Trust. The role includes oversight of CMBS investments and the Special Servicing unit, LNR Partners. Prior to this Adam was the Chief Risk Officer and Managing Director of Capital Markets and Investment Strategies for LNR since 2011. Prior to Starwood, Adam was the head of the Real Estate Finance and CMBS division of UBS. From 1997 through 2006, Adam was head of Structuring and Analytics at Deutsche Bank.

    Mr. Behlman holds Bachelor of Arts from Queens College, CUNY in both Accounting and Information Systems and Economics.

  • Jan Sternin, Senior Vice President & Managing Director, Berkadia Commercial Mortgage LLC

    Jan Sternin is a Senior Vice President and Managing Director and is responsible for business development across the servicing platform. Jan has more than 30 years of experience in the financial services industry. Prior to joining Berkadia, she was responsible for business development, marketing and communications for Situs. Additionally, Ms. Sternin previously served as Senior Vice President of Commercial and Multifamily for the Mortgage Bankers Association and CEO of MISMO, the MBA’s technology initiative for creating uniform data standards for the real estate finance community. Previously, Ms. Sternin held the position of Senior Vice President at Midland Loan Services responsible for marketing and sales activities. Ms. Sternin has worked with numerous governmental agencies including the Resolution Trust Corporation, Office of Thrift Supervision, Federal Savings and Loan Insurance Corporation, and the Federal Home Loan Bank System. Ms. Sternin currently serves on the Commercial Real Estate Finance Council Board of Governors. Ms. Sternin earned a B.S. in Business Administration, and an M.B.A. from the University of Missouri at Kansas City. Ms. Sternin also holds the Certified Mortgage Banker designation.

  • Zachary Freedman, Director, Eightfold Real Estate Capital, L.P.

    Mr. Freedman has been working in various facets of the real estate industry for eleven years. Prior to joining Eightfold in January 2013 he was employed by LNR Partners, LLC for almost three years and was most recently an Associate in the Investment Management division of the Real Estate Finance and Servicing Group. Mr. Freedman’s core responsibilities were focused on underwriting new issue and secondary market CMBS opportunities. He also took a leadership role in the ongoing effort to re-underwrite high priority assets in the company’s core portfolio. Prior to this, Mr. Freedman was a graduate of the LNR Analyst Rotational Program, where he spent time in the Asset Management and REO divisions working on loan workouts and asset dispositions.

    Prior to joining LNR, Mr. Freedman worked for Duff & Phelps Corporation in the Real Estate Consulting Group of their Valuation Advisory Services division. His role at Duff & Phelps was to prepare commercial property valuations for appraisals and other various client needs.

    Mr. Freedman received his Bachelor of Business Administration in Real Estate and Urban Land Economics and Accounting from The University of Wisconsin-Madison in May 2008.

June 1, 2020
Mon 1:00 PM EDT

Duration 1H 0M

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