We hosted clients and friends at the Golden Gate Yacht Club this weekend for SailGP, the sailing league founded by Larry Ellison after he lost the America’s Cup in 2017.
1. New York Yacht Club (USA) – Dominated from 1851 to 1983.
2. Royal Perth Yacht Club (Australia) – Won in 1983.
3. San Diego Yacht Club (USA) – Victories in 1987, 1988, and 1992.
4. Royal New Zealand Yacht Squadron (New Zealand) – Multiple wins starting in 1995.
5. Société Nautique de Genève (Switzerland) – Wins in 2003 and 2007.
6. Golden Gate Yacht Club (USA) – Victories in 2010 and 2013!
I’m fortunate to serve as the commodore of the GGYC. We got to meet the teams on the docks and watch the races from behind the scenes. I’m excited to take clients and friends to the races in New York City June 7 and 8.
At the office
We’re busy with lots of developments, including a UI upgrade for Backshop that we should finish in a few weeks. We’re scheduling client meetings to gather their lists of enhancements, then we’ll plan the second-half-of-2025 roadmap.
All good things.
Have fun out there,
Jim
Sail down for team Australia:
— — —
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
https://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.png00Lee McCormackhttps://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.pngLee McCormack2025-03-25 00:42:302025-03-25 01:14:07SailGP in San Francisco
At the end of last year, we signed a lease for office space in downtown Manhattan at 40 Exchange Place, which is one block south of Wall Street and kitty corner from the NYSE.
We acquired Closer last fall. Last week I visited the team at 40 Exchange Place, where they had their original office. It’s super exciting to have a physical presence where many of our customers are located. As we continue to merge the Backshop and Closer teams, our clients will get much more in-person attention.
Come see us in suite 401.
Having an office in Manhattan has been a dream of mine since moving from Detroit to Connecticut as a 9th grader. We used to take Metro North and roam Manhattan in high school. I lived on the upper west side in 1995, so I know and love the city, and it feels great to be back.
A giddy start to 2025
In mid January I attended CREFC Miami. The mood was almost giddy. Most everyone thought this year would finally be the start of the recovery we’ve been waiting for. The mantra has been “survive until 2025.” Folks are ready for a good year.
At the end of January, we brought our entire 30-member Backshop/Closer team together in San Francisco to plan the merging of our two companies and apps into one killer team and app. The free flow of ideas was super exciting. More to come on that.
In February I went to the MBA Commercial/Multifamily Finance Convention and Expo in San Diego. While it was more subdued than CREFC, the vibe was positive, and most people believed that 2025 will be solid.
I just returned from the CREFC High Yield, Distressed Asset and Servicing Conference held at the New York Athletic Club. The main takeaway: For those expecting a wave of distress in CRE, that is likely not going to happen. Instead, the prediction is a slow deleveraging process that will play out over the next several years as each asset gets recapitalized (or not) and absorbed by the market. This is based on the big caveat that interest rates and geopolitical events stay sane.
These conferences usually set the tone for the year so, if history holds true, we can expect at least a decent year in CRE finance.
— — —
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
https://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.png00Lee McCormackhttps://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.pngLee McCormack2025-03-04 22:59:312025-03-13 18:51:41CMBS.com has a new office in Manhattan
My highlight from last month’s CREFC DC Symposium was an interview with Hester Peirce, one of five SEC commissioners. She was appointed by President Donald J. Trump to the U.S. Securities and Exchange Commission and was sworn in on January 11, 2018.
Hester M. Peirce
Peirce spoke about the current SEC under Gary Gensler. She differs on his approach, especially when it comes to crypto currencies. She says the SEC should focus on making sure the disclosures given for the trading of assets are robust enough for buyers to value the assets. In her view, the SEC should be a disclosure agency and not opine on whether crypto currencies (or any assets) have any worth. The SEC, she believes, should only make sure buyers know what they are buying.
I agree on her philosophy when it comes to CMBS. For the most part, the CMBS industry makes adequate disclosures with one major deficiency: the rent roll.
I have long advocated for tenant level disclosures for public CMBS deals. During the 2014 public comment period for Reg AB II, I stated such on the record.
After Peirce finished speaking, I introduced myself and explained what I called the CMBS’s industry’s “dirty little secret” of not disclosing rent rolls, including legitimate reasons to resist tenant-level disclosures. Her thoughtful response showed she understands both sides of the issue.
I’m not sure anything will come of it, but I plan to follow up — and kudos to CREFC for organizing such a great event.
I always look for live music when traveling and was lucky enough to see Goose for the first time at the Anthem in DC. Great venue and band!
Short video: Goose covers The Who’s Eminence Front
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
SailGP in San Francisco
/0 Comments/in Uncategorized /by Lee McCormackOn the docks
We hosted clients and friends at the Golden Gate Yacht Club this weekend for SailGP, the sailing league founded by Larry Ellison after he lost the America’s Cup in 2017.
Our little club became the home club for Team Oracle Racing. The fantastic book “The Billionaire and the Mechanic: How Larry Ellison and a Car mechanic Teamed Up to Win Sailing’s Greatest Race, the America’s Cup” tells the story of a blue-collar, bankrupt yacht club that became one of only six yacht clubs in the world to have won the America’s Cup over its 172-year history. Think of that: 172 years and 6 clubs. The list now stands at
I’m fortunate to serve as the commodore of the GGYC. We got to meet the teams on the docks and watch the races from behind the scenes. I’m excited to take clients and friends to the races in New York City June 7 and 8.
At the office
We’re busy with lots of developments, including a UI upgrade for Backshop that we should finish in a few weeks. We’re scheduling client meetings to gather their lists of enhancements, then we’ll plan the second-half-of-2025 roadmap.
All good things.
Have fun out there,
Jim
Sail down for team Australia:
— — —
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
Contact
Jim Flaherty
Founder & CEO, Backshop
jim@cmbs.com
CMBS.com has a new office in Manhattan
/0 Comments/in Uncategorized /by Lee McCormackAt the end of last year, we signed a lease for office space in downtown Manhattan at 40 Exchange Place, which is one block south of Wall Street and kitty corner from the NYSE.
We acquired Closer last fall. Last week I visited the team at 40 Exchange Place, where they had their original office. It’s super exciting to have a physical presence where many of our customers are located. As we continue to merge the Backshop and Closer teams, our clients will get much more in-person attention.
Come see us in suite 401.
Having an office in Manhattan has been a dream of mine since moving from Detroit to Connecticut as a 9th grader. We used to take Metro North and roam Manhattan in high school. I lived on the upper west side in 1995, so I know and love the city, and it feels great to be back.
A giddy start to 2025
In mid January I attended CREFC Miami. The mood was almost giddy. Most everyone thought this year would finally be the start of the recovery we’ve been waiting for. The mantra has been “survive until 2025.” Folks are ready for a good year.
At the end of January, we brought our entire 30-member Backshop/Closer team together in San Francisco to plan the merging of our two companies and apps into one killer team and app. The free flow of ideas was super exciting. More to come on that.
In February I went to the MBA Commercial/Multifamily Finance Convention and Expo in San Diego. While it was more subdued than CREFC, the vibe was positive, and most people believed that 2025 will be solid.
I just returned from the CREFC High Yield, Distressed Asset and Servicing Conference held at the New York Athletic Club. The main takeaway: For those expecting a wave of distress in CRE, that is likely not going to happen. Instead, the prediction is a slow deleveraging process that will play out over the next several years as each asset gets recapitalized (or not) and absorbed by the market. This is based on the big caveat that interest rates and geopolitical events stay sane.
These conferences usually set the tone for the year so, if history holds true, we can expect at least a decent year in CRE finance.
— — —
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
Contact
Jim Flaherty
Founder & CEO, Backshop
jim@cmbs.com
CREFC’s DC symposium provides amazing SEC access
/0 Comments/in Industry standards /by Lee McCormackMy highlight from last month’s CREFC DC Symposium was an interview with Hester Peirce, one of five SEC commissioners. She was appointed by President Donald J. Trump to the U.S. Securities and Exchange Commission and was sworn in on January 11, 2018.
Hester M. Peirce
Peirce spoke about the current SEC under Gary Gensler. She differs on his approach, especially when it comes to crypto currencies. She says the SEC should focus on making sure the disclosures given for the trading of assets are robust enough for buyers to value the assets. In her view, the SEC should be a disclosure agency and not opine on whether crypto currencies (or any assets) have any worth. The SEC, she believes, should only make sure buyers know what they are buying.
I agree on her philosophy when it comes to CMBS. For the most part, the CMBS industry makes adequate disclosures with one major deficiency: the rent roll.
I have long advocated for tenant level disclosures for public CMBS deals. During the 2014 public comment period for Reg AB II, I stated such on the record.
After Peirce finished speaking, I introduced myself and explained what I called the CMBS’s industry’s “dirty little secret” of not disclosing rent rolls, including legitimate reasons to resist tenant-level disclosures. Her thoughtful response showed she understands both sides of the issue.
I’m not sure anything will come of it, but I plan to follow up — and kudos to CREFC for organizing such a great event.
SEC Commissioner Hester M. Peirce – U.S. Securities and Exchange Commission profile page
SEC Finalizes Reg AB Rules: open XML, no rent rolls – My blog post from 2014
Goose
I always look for live music when traveling and was lucky enough to see Goose for the first time at the Anthem in DC. Great venue and band!
Short video: Goose covers The Who’s Eminence Front
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
Contact
Jim Flaherty
Founder & CEO, Backshop
jim@cmbs.com