INVESTING IN DEBT
Debt instruments can be originated or acquired at varying levels throughout a property’s capital structure with profiles, depending on investor objectives, that span the risk/return spectrum.
Our Debt Investment Group uses basic market fundamentals and comprehensive debt analytics to critically evaluate each investment opportunity. Building on research metrics such as job growth, demographics and projected rents, the Group leverages its dedicated resources and Clarion’s nationwide platform for access to deal flow, due diligence, credit analysis, and careful underwriting to select investments.
The Debt Group is focused on two primary investment strategies:
Managing Director, Portfolio Manager, Subordinate Debt
Drew D. Fung is an equity owner and Managing Director of Clarion Partners. As a Portfolio Manager within the Debt Investment Group, he oversees the Firm’s subordinate debt investment activities in various types of commercial real estate debt instruments, including mezzanine loans, B-notes and preferred equity interests. Drew is also a member of the Debt Investment Committee, which approves all of the Firm’s financing activities. Drew joined Clarion Partners from RREEF and he has 25 years of real estate experience. This experience includes 17 years in the debt sector, with more than $2 billion in debt transactions in all commercial property types. He is a member of the Urban Land Institute and is a frequent speaker at industry events.
Thanh Bui is an equity owner and Managing Director at Clarion Partners. In her role as a Portfolio Manager of Subordinate Debt Investments, she is responsible for the origination and structuring of complex mezzanine, B-note and senior mortgage investments for development, transitional and stabilized properties. Thanh is also responsible for managing the underwriting and closing process. With 15 years of real estate investment management experience, Thanh joined Clarion Partners in 2012 from RREEF where she managed transactions and developed debt strategies for the firm. Prior to her career in real estate investment management, Thanh performed planning and development work for a community based, not-for-profit organization.
Managing Director , Portfolio Manager, Special Situations
Donald Sheets is a Managing Director with Clarion Partners and a member of Clarion’s Debt Investment Committee. As Portfolio Manager of Special Situations Debt, he is responsible for the acquisition of performing/subperforming/nonperforming commercial real estate mortgage debt. Donald has 20 years of leadership, acquisition, asset management, capital formation, and restructuring experience, having acquired and managed over $3.6 billion of loans across multiple property types and geographies. Donald joined Clarion Partners in 2017 via Clarion’s acquisition of AlumCreek Holdings, a platform he founded in 2014, and began working in the real estate industry in 1998. Donald is a faculty member at Columbia University and NYU, and has actively lectured at MIT, Harvard, Georgetown, and George Washington University. He is a Board Member and Member of the Audit Committee of Educational Housing Services and has served on the Board of Governors of Commercial Real Estate Finance Council.