Marcia Diaz

How Did You Get Your Start In CRE Finance?

Coming out of business school, I earned a spot in Prudential’s post-MBA associate program. I was a junior loan officer, so I started in CRE finance … in loan originations with our finance group, and while I’ve held a variety of real estate positions — asset management, dispositions, workouts, investment banking —  what I really like about the financing side is that you are still a big player in a lot of activities, as nearly every deal has some sort of financing component. I also like that our time frame for deals is shorter, which leads to a fast-paced environment where you see more activity and interesting deals. If you work on the development side of real estate, a deal to completion may take multiple years, or on the acquisition side it could take nearly a year. In finance, we identify good deals and close them up as fast as we can to beat our competitors.

Why Specialize In CRE Finance?

I wanted a career that was more analytical than a pure sales role. I thought of maybe going into marketing, but I ended up taking a real estate survey course. It was an intro to everything in the industry, and I found it fascinating and more interesting than other industries. I really liked the fact that I could use a host of skill sets: sales, analytical thinking, understanding marketing and relationship developing. ...

I love the physical real estate aspect [of my job]: looking at properties, studying a new market by driving/walking it with borrowers and brokers, really understanding what makes a market tick. I also really enjoy the analytical side and learning why a loan and property is a good investment. There’s also the relationship side of the business — getting to know borrowers and brokers, doing deals with people that have become your friends. That’s one of the main things that has kept my career this energized and still fun for this long of a time frame.  

Are Women Represented Enough In CRE Finance?

No, I do not believe there are enough women represented within our industry in general. If you go to any real estate function, it is easy to tell just by looking around the room at how underrepresented women are in real estate.

When I started in the industry over 25 years ago, most of the commercial real estate financing was done by banks and life companies, which lend themselves to a culture that is more promotive to women and diversity. Back then, a lot of the equity, development or brokerage shops tended to be more male-dominated. I don’t [think] there is anything specific about CRE finance that makes it easier for women to advance their career, but it’s more about the cultures of the institutions playing in the space.

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

Real estate is still a heavily male-dominated industry. One thing I’ve noticed over my career and as a manager, and this is similar in a lot of transaction-based jobs, is that we are so tied to our client timetables, needing to be available for turning deals and term sheets around quickly. Time is not your own — you always need to be available. For young women as they succeed and climb the ladder, it is hard to maintain that schedule and route when married with children. I’ve often seen some women take time off or do something else because the CRE finance work schedule can be so demanding. Depending on where you are located, travel could make that schedule even worse, and that is a problem for both men and women.

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

One thing that I’m noticing more and more are women-only networking events. These have been popping up over the last few years and are being organized by and for women in positions of influence in the real estate industry, from owners, lenders and brokers. It has been a unique experience and different dynamic. It would be great to continue to do more of that, and really help young women develop their network and networking skills.

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

My one piece of advice would be to make external networking a priority for yourself. Some young women that make it high up the ladder are so good at it, and I’ve seen some within PGIM who are active in Junior ULI, and their alumni networks. It is good for any professional as it helps to bring in business and understand what your competitors are doing. Internal networking is great, too, but doing it externally opens up your world and makes you more knowledgeable about the industry as a whole.