M&T Realty Capital shakes up senior leadership

Michael Berman will shift from chief executive to executive adviser, as M&T taps Michael Edelman as his successor.

M&T Realty Capital Corporation this week outlined changes to its senior leadership ranks, in particular transitioning current chief executive Michael Berman to an executive advisory role at the Buffalo-based M&T Bank affiliate.

M&T RCC president Michael Edelman will be succeeding Berman as part of the executive suite reconfiguration, the firm stated in a January 23 announcement. Both Edelman and Berman will continue reporting to Tim Gallagher, head of commercial real estate at M&T Bank.

An M&T spokesperson said Berman will work on strategic growth initiatives for M&T Bank’s commercial real estate platform and M&T RCC as part of his executive adviser responsibilities.

Those initiatives currently include growing the firm’s affordable housing program, programmatic partnerships for sourcing multifamily agency loans, and programmatic partnerships for sourcing new capital for commercial real estate lending. Berman will also consult with Edelman and Gallagher on other operational and strategic matters to assist on the growth of the commercial real estate platform.

Atop the chief executive swap, M&T RCC has made a trio of leadership appointments all centered on growing the team’s relationships with government-sponsored entities Fannie Mae and Freddie Mac, California-based manager and advisory Marcus & Millichap, and institutional clients including life insurance companies and other capital sources.

“M&T RCC is interested in mutually beneficial relationships with highly reputable firms,” Edelman told Real Estate Capital USA. “Examples of current partnerships are Marcus & Millichap and Institutional Property Advisors. Our strategic alliance with their teams has seen tremendous success, and we are focused on continuing to cultivate and grow those relationships.”

Mark Gould and Joe Pizzutelli have been appointed co-heads of M&T RCC national production as part of the reconfigured structure.

Gould will manage relations with Fannie Mae, Freddie Mac, Marcus & Millichap and M&T Bank’s institutional clients. The firm noted he would spearhead growth strategies and partnerships as well. Pizzutelli will be focusing on expanding current M&T Bank institutional commercial real estate client relationships, and developing fresh partnerships within M&T Bank’s institutional CRE, debt capital markets and investment banking teams.

Alongside Pizzutelli and Gould, Kevin Collins has been named M&T RCC’s life company platform manager. In this role, he will oversee life company production and manage M&T RCC’s capital source relations to continue growing the platform. Collins replaces Donald Pettit who will remain on the team and assist Collins as part of a transition process.

“M&T RCC has a very strong lending appetite for 2024,” Edelman said. “We work with many capital markets and lending partners, and our lending appetite is only limited by their ability to finance deals and the viability of each opportunity. Many of our lending sources set annual allocations and it’s our goal to satisfy as much of that capacity as possible.”