Hilary Provinse

How Did You Get Your Start In CRE Finance?

Growing up in Washington, D.C., my father, Robert Branson, ran real estate private equity funds, so commercial real estate had been a part of my life since I was a child. Of course, in true rebellious child fashion, as much as I admired my dad, I did not want to work for him — I wanted to find success on my own terms. So after college, I moved to New York and chose to tackle Wall Street as an investment banker and then as a bond trader. I worked at Bear Stearns and then at Goldman Sachs during the 1990s.

The events of 9/11 provided the impetus to relocate from NYC back to Washington where I grew up.

There weren’t a lot of options for a bond trader in D.C.; Fannie Mae and Freddie Mac were really the main game in town. So, I was lucky to join Fannie Mae’s capital markets team and once there, learned that they had a commercial real estate division. I moved over to the commercial real estate side of the business in 2003.

Why Specialize In CRE Finance?

I’ve always had an affinity for the transaction side of commercial real estate. It was a mix of experience and providence that landed me at Fannie Mae and ultimately running their Multifamily Production Organization for five years. I’ve stayed in CRE finance because of the incredible opportunities it has afforded me and because I believe the work we do is important. I am both a deal junkie and I am motivated by managing and building a team. Heading mortgage banking at Berkadia has been the culmination of that.

Are Women Represented Enough In CRE Finance?

The short answer is no. Ours is a terrific industry with a ton of opportunity for creative and hard-working individuals — attributes that are not exclusive to any single gender, background, etc. But when I look around the room, particularly at finance events, I’m one of only a few women or minorities. This has to change.

Can You Speak To Your  Experience/Treatment As A Woman In CRE Finance?

I’ve spent most of my career in industries where women are traditionally underrepresented. However, I’ve been fortunate that the two places I’ve worked in CRE have prioritized diversity. Fannie Mae, like the other agencies, has a natural bias toward diversity and it was an incredibly supportive environment for me, especially as a new mother early in my tenure.

Similarly, I was attracted to Berkadia because I was impressed by its management team and its commitment to growing and developing a diverse roster of both senior and junior talent. We’re actively trying to solve the challenge of getting more women and minorities interested in mortgage banking, in addition to the work of improving client experience and growing market share.

I’ve never lost sight of the fact that women are a minority in CRE. What has allowed me to thrive throughout my career has been the support of male and female mentors and sponsors and the ability to coach, develop, mentor and sponsor those who have worked for and with me. I consider myself lucky and my experience unique, but I hope that in the future it won’t be.

What Can The Industry Do To Encourage Bringing More Women Into The Finance Space?

First of all, it starts with recruiting and hiring. We need to better tell the story of CRE finance to a diverse base and open young people’s eyes to the opportunities in this industry. This is not for any altruistic reasons — diverse organizations are more successful and more profitable. Diversity is good for business.  

It can’t be up to women alone to support gender diversity in commercial real estate. Men in this industry must acknowledge their role, and obligation, to support diversity. We need more men in senior management supporting the development of women to occupy senior leadership roles and creating strong networks so that women don’t drop out. This is starting to happen as the industry gets wise to the fact that diversity is a better business model, but there is much work still to be done.

I’m encouraged that diversity is front and center when we think about the future of our industry. The more we prioritize its importance and act in ways to move the move the needle, the better off we’ll all be.

What Advice Would You Offer Your Former Self About Navigating The World Of CRE Finance?

Relationships have always been the foundation of my success in the long run. When you’re just starting out, it can be hard to understand that and to recognize the value of cultivating strong relationships with peers and networking to grow these, but it is so essential to success in this industry and in life.

I’d remind myself, and anyone getting their start in this industry, to maintain a positive attitude and work hard. Opportunities exist, but you have to earn them. You will find success if you’re guided by your values, if you invest in people and if you maintain a long view.