Meet The Team Financing Some Of Philadelphia’s Biggest Projects
When the third-largest commercial real estate lender expands its presence in the sixth-largest metropolitan area, landscape-altering partnerships can form.
KeyBank's $4.1B acquisition of First Niagara Financial Group, approved by the Federal Reserve Board in July 2016, extended Key’s national platform and full-service capabilities throughout the active Philadelphia metropolitan area market.
This merger, favorable new tax legislation and strong market fundamentals are converging in a way that could further accelerate deal velocity in the City of Brotherly Love. Meet the KeyBank team fueling some of Philadelphia's most ambitious developments.
Experience: 45 Years
Bisnow: What qualities make Philadelphia an interesting market?
Terlizzi: Philadelphia, while the sixth-largest metro area in the U.S., is an interesting market because it only recently has drawn national attention. As a result, we now see a wide range of newcomers who are willing to invest and who see the region through the lens of opportunity and creativity. I have been in this market my entire career and have never seen it in such a vibrant state.
Bisnow: What was the single most important development for Philadelphia CRE in 2017?
Terlizzi: I can’t decide on a single development, but rather, I think the convergence of the western Center City markets with University City continues to be the most impactful development in my memory. Eventually, the hub of the city will shift from City Hall to 30th Street Station, which is the third-busiest rail station after New York City and Washington, D.C. Over 4.5 million passengers travel through 30th Street every year and the numbers continue to grow.
Bisnow: What drew you to KeyBank?
Terlizzi: KeyBank’s Real Estate Capital platform is one of the most comprehensive within the commercial banking industry and the only one of its kind in Eastern Pennsylvania. The Key platform equips me to offer more financing and technology solutions to my prospects and clients than I had before I joined Key. Key’s continuous investment in developing new capital sources and payment/collection technologies often sets the bar for our competitors and affords multiple access points for creating new client relationships. Our focus is on client relationships and not on deal size.
Experience: 17 years
Bisnow: What qualities make Philadelphia an interesting market?
Manginelli: I view Philadelphia as a relatively “under-banked” market for the relationship value proposition that Key brings to it with our integrated capital platform, technologically driven solutions and ability to complete all deal sizes and follow our clients nationally.
Bisnow: What drew you to KeyBank?
Manginelli: All the capital at Key rolls up to the same person, so the integration and collaboration is in our DNA. We have been operating in this format for 15-plus years. Further, the staff at Key is seasoned and many of us have been here for over 15 years.
Bisnow: What is the most rewarding aspect of your job?
Manginelli: I concur with Chris in that our ability to focus on client relationships, and not on the deal size truly sets us apart. Our national, integrated platform and our experienced teams provides a unique one-stop shop for our clients. I will also add it is my partnerships within the bank and the people I work with that make my job incredibly rewarding.
Experience: 30 years
Bisnow: What qualities make Philadelphia an interesting market?
Weeks: It’s a large market, but many of the participants in our industry know each other. It’s a nice balance. Perhaps the most interesting aspect over the last several years has been the influx of new investors into the market who are attracted by Philadelphia’s unique attributes.
Bisnow: What was the single most important development for Philadelphia CRE in 2017?
Weeks: It’s hard to identify just one single development, but the rapid absorption of almost all of the condominium units at Carl Dranoff’s One Riverside project certainly comes to mind. This is a story that started well before 2017, but the conclusion just reaffirmed how far the city has come in the last 15 years.
Bisnow: What drew you to KeyBank?
Weeks: The bank I was working for, First Niagara, was acquired by KeyBank, but I stayed because it quickly became apparent that Key was a quality organization, with a significant real estate lending platform, that had also invested heavily in technology and was continuously striving to bring new solutions to real estate clients and prospects.
Bisnow: What is the most rewarding aspect of your job?
Weeks: Working for an organization that allows me to confidently approach the market with the knowledge that I can creatively meet almost any need a client may have. We’re not limited by transaction size or strict guidelines, and have the ability to view every deal based on its own individual merits. Our broad lending platform is second to none and we have solutions that are tailored specifically to the real estate industry.
Experience: 15 years
Bisnow: What qualities make Philadelphia an interesting market?
Krivda: Having lived in various neighborhoods in Philadelphia for 10 years, I am amazed at the positive transformation that has been fueled by domestic and foreign investors who view the market as opportunistic. In addition, Comcast’s commitment to construct a second tower in Center City further demonstrates buy-in to the Philadelphia market.
Bisnow: What drew you to KeyBank?
Krivda: I came to KeyBank as a result of the First Niagara Bank acquisition. Growing up in Western Pennsylvania, I was familiar with KeyBank and its favorable reputation. Now, having been with the organization for over a year and getting familiar with Key’s culture and way of doing business, I am impressed with the level of real estate expertise that exists at the highest levels within the organization.
Bisnow: What is the most rewarding aspect of your job?
Krivda: KeyBank has given me the opportunity to work closely with various departments across the real estate platform to find the best products and solutions for my clients. I also enjoy being able to do project finance out of market, which was not possible at First Niagara Bank.
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