High finance has set up shop in Oklahoma City, where big-deal makers are long used to looking long-distance to Wall Street and other financial centers for real estate investment capital.
CBRE Group Inc. has brought its CB Richard Ellis Capital Markets Debt & Equity Finance Group to town, opening an office downtown to provide financial services for private and institutional investors in office, industrial, retail and multifamily properties.
Chris Dunning, formerly with MidFirst Bank in Oklahoma City, and Thomas (T.K.) Klein, formerly with Johnson Capital's office in La Jolla, Calif., comanage the new office as senior vice presidents of the Debt & Equity Finance Group.
CB Richard Ellis Capital Markets “is the most extensive network of real estate financing sources in the country,” Dunning said, from Wall Street to life insurance companies, Fannie Mae, Freddie Mac to the U.S. Department of Housing and Urban Development.
“Every major city in the U.S. has an office,” he said. “Oklahoma City is now on the map in their eyes with the launch of the Oklahoma City office. This should prove to be a significant boost to local developers and owners.”
Dunning focused on commercial real estate financing for MidFirst. Klein most recently specialized in debt and equity placement for Johnson Capital. Previously, he cofounded a community bank in Colorado and was a director of it for 10 years, and was president and CEO of a Colorado-based home mortgage banking firm.
“The addition of T.K. and Chris to CBRE Capital Markets allows us to enhance our value proposition and grow our client base in the Oklahoma market,” said Brian Stoffers, president of Debt & Equity Finance.
“Their local market knowledge, valuable experience in the banking world and strong industry relationships will bolster our service offering in that region.”
CBRE Debt & Equity Finance quietly opened in November, in temporary offices on the 24th floor of City Place, 204 N Robinson Ave. Dunning said the immediate task is networking and “telling the story” that capital is not only accessible in Oklahoma City from afar — but from its central business district.
“A lot of people in Oklahoma City aren't that familiar with the capital markets side of the business. It's a big-city thing,” Dunning said.