Robert Balfour

Managing Partner, Development Finance Group,
Calgary, AB

Phone: 403 451 1191

Robet.Balfour@mcap.com

Bob is responsible for the strategic direction and operations of the construction and development finance line of business (“DFG”) for MCAP nationally. DFG services the Canadian real estate market focused on residential and commercial construction loans, value-added capital requirements (mezzanine and equity structures) and loan investment management.Operating from four offices regionally located in Vancouver, Calgary, Edmonton and Toronto, DFG contracts with its Developer/Borrower clients to arrange financing on a focused & targeted basis. DFG structures each investment transaction on its merits directing the origination to DFG investor clients best suited for the investment based upon product, location, pricing, capacity, developer history and experience. Bob has been with MCAP since 1994 and active in real estate finance since 1975. His real estate finance experience is extensive from direct lending, real estate brokerage (as owner principal) and mortgage banking with MCAP DFG. He is a licensed mortgage and real estate broker and is a past President of the Alberta Mortgage and Loans Association. Bob currently sits on a private Advisory Board , is a member of an executive peer mentor group (TEC/Vistage) and an active Rotarian.

Susan Feldman

Senior Vice President of Investor Relations & Investment Management,
Toronto, ON

Phone: 416 591 2892

Susan.Feldman@mcap.com

Susan Feldman is Vice President of Investor Relations & Investment Management within the Development Finance Group. Reporting directly to Robert Balfour, Managing Partner, Susan is responsible for maintaining and managing existing lending investor relationships and helping to develop new lending investor relationships to support the targeted growth for the Development Finance Group.Additionally, Susan is responsible for all aspects of the group’s lending investor relationships including establishing investment management & credit policies; credit adjudication, investor reporting & compliance; contract renewals & extensions and managing the allocation and prioritization of loans presented to the Group’s lending investors to maximize portfolio utilization as agreed with its investors. Susan brings a wealth of experience and expertise to this position having been active in commercial lending and construction financing since obtaining an MBA in 1985. She worked in loan origination for Schedule A banks and default loan management for Trust companies, and was Treasurer for a Toronto based Real Estate Development Company before joining MCAP in 1997. She’s held several positions within MCAP, most recently as VP Investment Management, responsible for both the residential construction and commercial term lines of business.

Herman Kwan

Managing Director, Development Finance Group – Vancouver,
Vancouver, BC

Phone: 604 630 3665

Herman.Kwan@mcap.com

Herman Kwan has been the Managing Director of MCAP’s Development Finance Group in Vancouver since 2012 and has worked in construction finance since 1995. During his career, he has completed single transactions from $2 million all the way up to $400 million, for projects in both Canada and the United States. Herman and the Vancouver team are very active in construction, land acquisition and inventory financing within the BC market, and they have extensive experience in structuring multi-family construction deals across the Lower Mainland. The loans are typically first mortgages but are sometimes second mortgage financings, or even a combination of both. The team is known for its knowledge of the development process, and takes pride in delivering well structured financing solutions for its clientele.

Ray Johnson

Senior Director, Development Finance Group – Vancouver,,
Vancouver, BC

Phone: 604 630 3668

Ray.Johnson@mcap.com

Ray Johnson is a Senior Director with MCAP’s Development Finance Group based in our Vancouver office, having joined in 2006. His primary responsibilities include sourcing, negotiating and structuring senior and mezzanine construction & land debt opportunities for multi-family, rental, mixed-use and commercial developments throughout BC. Working closely with both developers and institutional investors, Ray has originated in excess of $5 billion in loan volumes over the past decade alone. Having a strong understanding of the development process, he brings a practical approach when tailoring creative financing solutions for clients. Ray has been a guest speaker at a variety of industry conferences, including NAIOP and the Western Canada Apartment Investment Conference. Ray holds a Bachelor of Commerce (Honours) degree from the University of British Columbia, where he majored in real estate, and is a registered sub-mortgage broker with the British Columbia Financial Services Authority (BCFSA).

Blake Johnston

Director, Development Finance Group – Vancouver,
Vancouver, BC

Phone: 604 630 3675

Blake.Johnston@mcap.com

Michael Roulston

Managing Director, Development Finance Group – Central West Region,
Calgary, AB

Phone: 403 451 1192

Michael.Roulston@mcap.com

Michael Roulston is the Managing Director of MCAP’s Development Finance Group – Central West Region. He is responsible for overseeing mortgage origination and managing the team for the region. Michael has been leading the Central West Team since 2012 and joined MCAP originally in 1995. In 1997, Michael transferred from Toronto to Calgary to join the Central West team. Prior to MCAP, Michael worked at Royal Trust in the Special Loans Group in Toronto. Michael has a depth of experience in all aspects of development financing (Conventional, Mezzanine and Equity). Michael has been part of the Central West team as it grew from initial volumes of +/-$50 million per annum up to peaks of $1 billion per annum and has worked through numerous economic cycles. With extensive Investor and Borrower relations Michael leads a very seasoned Central West Team in providing best in class financing solutions to our developer clients. Business focus is on Multi-family projects, Land Development and Commercial Construction. Personally, Michael is a father of three girls and is immersed in their sports and activities.

Stephen Jones

Senior Director of Investment Management, Development Finance Group – Central West Region,
Calgary, AB

Phone: 403 451 1194

Stephen.Jones@mcap.com

Stephen Jones, Senior Director, Investment Management, an expert in development financing having been involved in over $10 billion of loan transactions throughout his career. Stephen joined MCAP’s Development Finance Group in 2001 and has held various positions. Based out of the Calgary office, Stephen is currently part of the Investment Management Team that is responsible for the strategic implementation of the construction lending program. He works closely with the production and funding teams to oversee the origination and is responsible for servicing a diverse portfolio of construction loans with individual deals ranging from $5 million to over $200 million. Stephen has provided credit oversight across Canada for projects, including, condominium and rental projects, subdivision development, and commercial properties - office, retail, and industrial developments. He is skilled in both construction lending and long-term takeout financing. These transactions have required an innovative mix of loan structures demonstrating expertise in conventional lending, subordinated debt, co-lending arrangements and multi-lender syndications. Stephen graduated from the University of Western Ontario in 1999 and has been a RECA licensed Mortgage Agent in Alberta since 2000. He is a member of MCAP’s Investment and Loan Allocation Committee; has guest lectured at the University of Calgary; and is a recipient of MCAP’s Award of Excellence. Stephen is family oriented and passionately involved in the activities of his three children. He spent several years coaching with the Bow Valley Minor Hockey Association, culminating with a Peewee 1 Provincial Championship in 2017.

Blake Lowden

Senior Director, Development Finance Group – Central West Region,
Calgary, AB

Phone: 403 451 1195

Blake.Lowden@mcap.com

Since joining in 2004, Blake has progressed from a Junior Credit analyst to his current role as a Senior Director and as such, is responsible for originating, structuring and underwriting debt and equity facilities ranging from $10 - $200 million. In addition to traditional financing facilities, Blake is adept in leveraging his relationships with banks, pension funds, and institutional capital to create and lead syndications as well as tiered loans. Since joining MCAP, Blake has originated over $4 Billion of western Canadian construction loans primarily focusing on land and land servicing, multi-family construction (townhouse, condo and purpose built rental), and retail/commercial construction. In addition to an undergraduate business degree majoring in Finance from the University of Calgary, Blake has completed his MBA degree. He is a licensed member of the Real Estate Council of Alberta and has been a licensed mortgage agent since 2005. Blake has been an occasional guest speaker at the University of Calgary for both the undergraduate and MBA programs. Blake sits on the Board of Directors for one of southern Alberta’s largest seniors living organizations and is also an active member of two associated committees; the Strategic Planning & Risk Management and Community Relations.

Aaron Forbes

Senior Director, Development Finance Group – Central West Region,
Calgary, AB

Phone: 403 451 1197

Aaron.Forbes@mcap.com

Mr. Forbes holds degrees in Economics and Finance from the University of Calgary and is a CFA® Charterholder. He is a licensed member of the Real Estate Council of Alberta and has completed the Mortgage Associates Program. Mr. Forbes joined MCAP’s Development Finance Group in Calgary in 2006 and is currently a Senior Director with the firm, responsible for the origination, negotiation, and underwriting of construction loan facilities for a variety of projects, including apartment condominium, purpose built rental, land servicing, commercial, and mixed-use. To date, he has been involved in structuring financing arrangements for over $3.0 billion of real estate transactions throughout Western Canada and has completed syndications with most major Canadian Banks, Alberta based lending institutions, pension funds, and life insurance companies. Since 2019, Aaron has been an independent board member and lending review chair for an Edmonton based private mortgage lender. In 2020, Mr. Forbes became a sessional instructor at the University of Calgary teaching Real Estate Development and Finance I & II in the Executive Education Program a the Haskayne School of Business.

Philip Frank

Senior Director, National Funding & Servicing,
Toronto, ON

Phone: 416 591 5202

Philip.Frank@mcap.com

Philip Frank is Senior Director, National Funding & Servicing for MCAP’s Development Finance Group (DFG). He oversees and controls branch operations for the funding and servicing of construction loans in Central Ontario as well as leading the policy and loan servicing standard on a national basis. Philip has been with MCAP Financial Corporation for more than 20 years, primarily involved in managing the funding and servicing of both commercial mortgages and construction loans. Philip is an experienced underwriter with exceptional problem solving skills, and is familiar with the variety of construction mortgage products and loan structures. He has successfully facilitated viable servicing strategies for MCAP’s investor clients, and his job dedication and relationship management skills ensure the timely delivery of service to meet his client’s needs.

Michael Misener

Managing Director, Development Finance Group – Toronto,
Toronto, ON

Phone: 416 371 9564

Michael.Misener@mcap.com

Michael Misener is the Managing Director of MCAP’s Development Finance Group - Toronto at MCAP. Michael has over 25 years of residential and commercial lending experience across Canada with major financial institutions, including numerous executive level positions – such as Chief Executive Officer, Chief Operating Officer, and Chief Investment Officer – driving investment and lending strategies.

In his current role, Michael is committed to finding the right solutions for both MCAP’s borrower clients and institutional investors. “Every real estate deal has unique challenges and structures,” he says. “The determination of finding effective solutions for these real estate transactions and seeing them completed drives me every day.”

Outside of work, Michael is a sports enthusiast, playing hockey and golf in his spare time and skiing – water in the summer, alpine in the winter. He has also been a board member of Safe Families Canada since its inception and an Advisory Board member of the Commercial Real Estate Lenders Association (CRELA).

Michael holds a Bachelor of Commerce from the University of Toronto, a CPA-CA and mortgage broker licenses in Ontario, BC, Alberta, and New Brunswick.

Neil Le Grand

Senior Director, Development Finance Group – Toronto,
Toronto, ON

Phone: 905 510 0334

Neil.LeGrand@mcap.com

Neil Le Grand, Senior Director, Development Finance Group at MCAP, has 20 years of experience in the development finance industry and has been with MCAP since 2021. Neil credits the winning team atmosphere at MCAP and the hard work of his colleagues for the contributions the Development Finance Group has been able to make to housing in Canada. “Knowing that I am part of a team that contributes to providing housing for my fellow Canadians is something I take extremely seriously. Not everyone has the opportunities that we have here in Canada. Being part of the solution is a big motivator.”

Outside of work, Neil enjoys spending time with family and friends, going to the gym, reading books and listening to music.

Ryan Topple

Senior Director, Development Finance Group – Toronto,
Toronto, ON

Phone: 289 688 1054

Ryan.Topple@mcap.com

Ryan Topple joined MCAP in January 2022, following nearly fifteen years in commercial and real estate financing. During his twelve years in commercial banking with Meridian Credit Union, Ryan spent half that time leading the GTA Development and Construction team. He then spent two years in real estate financing with Fiera Private Debt.

Today, as Senior Director, Origination, Ryan oversees origination operations for MCAP’s Development Finance team and cultivates relationships with both new and existing borrowers and brokers. He plays an integral role in offering customized financing for Canadian developers, enabling them to realize their construction plans.

Over the course of his career, Ryan has originated over $7 billion in construction, development and commercial loans.

Ryan has a Bachelor of Business Administration from Wilfrid Laurier University.