Subject: Don Benningfield, Real Estate Chief Investment Officer / Portfolio Manager
From: "Don Benningfield" <[email-masked]>
To: <[email-masked]>
Date: Wed, 20 Sep 2017 13:44:00 +0000

Hi R.,

Attached and below is my resume for your review. I am a Senior Real Estate Finance and Investment Management Executive who has held positions in the advisory and investment banking units of Blackrock and Bank of America for over 20 years.  For the majority of my career I have advised institutional clients and private equity funds on workouts, restructuring, and acquisitions up and down the capital stack.

I am now looking for my next opportunity.  Please contact me for further information. Thanks for your consideration.

Don Benningfield

(917) 503-9709

[email-masked]

DONALD R. BENNINGFIELD

Charlotte, NC

917-503-9709 & [email-masked]

REAL ESTATE CHIEF INVESTMENT OFFICER / PORTFOLIO MANAGER

15+ years of leadership in the advisement of institutional clients and private equity funds on workouts, restructuring, and acquisitions up and down the capital stack. As a former Managing Director of Blackrock, Inc. managed all P&L functions including acquisitions / divestitures and asset management. Consummated in excess of $350 billion of transactions. Clients have included large-cap REITs, central banks, pension funds, insurance companies, and private firms. With additional experience in corporate financing, risk management, capital markets, valuations and credit underwriting, possesses the capability to lead a wide scope of institutional functions.

EXPERIENCE

PANGAEA ADVISORS                                                                         2016 to Present

Strategic advisory and consulting services firm serving real estate investors and issuers with unique capital formation, asset management, risk management, and transaction support needs.

Managing Partner

Special situations advisory where the application of real estate knowledge and expertise is required to capture new opportunities, attract capital, maintain ongoing operations, or mitigate risk: Selected clients and projects include:

Integrated Natural Resources Company

- Strategic advisory regarding corporate and asset-based financing alternatives for funding the reclamation and development of a 300-acre brownfield site and refinancing of a coal mining subsidiary.

Alternative Asset Lending Start-up

- Performed third-party evaluation of origination (underwriting & loan structuring) and asset management processes. Created templates to guide and document loan underwriting, credit approvals, production of underwriting files, and asset monitoring in a consistent manner to provide transparent asset quality and position reporting to warehouse lenders and equity investors.

BLACKROCK, INC., BlackRock Solutions Financial Markets Advisory (FMA)  2011 to 2016

FMA is the global advisory unit of BlackRock, Inc. which advises financial services organizations, regulators, and governments in managing complex financial, risk, and strategic issues by providing tailored advice and solutions.

Managing Director, Global Head – Real Estate Portfolio Management

Real estate subject matter expert responsible for risk assessment, portfolio management, repositioning and disposition of client commercial real estate exposures. Management and leadership of diverse project teams executing key client mandates and initiatives globally including:

Federal Reserve Bank of New York (Maiden Lane / Bear Stearns Portfolio Resolution)

- Provided portfolio management, underwriting, due diligence, investment advisory, restructuring and asset disposition services for $9 billion of performing and non-performing commercial real estate exposures.

- Achieved proceeds greater than budget in shorter than anticipated time frame.

Anthracite Capital, Inc. (REIT Bankruptcy Resolution)

- Restructured and divested corporate subsidiaries and assets in connection with Chapter 7 Bankruptcy.

- Performed all portfolio management, underwriting, due diligence, administrative and operational functions of winding down a diverse portfolio of high yield, performing and non-performing exposures.

- Actively managed U.S & European CDO affiliates of Anthracite Capital, Inc.

- Cash flow from the management and sale of assets exceeded projections.

- Maximized value of CDO equity resulting in recoveries for secured creditors.

Dutch National Bank (Asset Quality Reviews for the 3 Largest Dutch Banks)

- Executed targeted Asset Quality Reviews for approximately €78.0 billion of real estate exposures.

- Resulted in the awarding of asset quality review mandates for all non-CRE asset classes in preparation for the European Central Bank financial stability assessment.

Dutch Ministry of Finance (SNS Reaal €7.7 billion Real Estate Spinoff & Recapitalization)

- Provided strategic advisory services related to a nationalized insurance and banking conglomerate.

- Presented to the European Commission which granted approval of loss guarantees issued by the Dutch Ministry of Finance.

Pension Funds and Insurance Companies (Real Asset Advisory and Portfolio Management)

- Evaluation of fund-of-fund managers on behalf of pension fund clients in support of increased global investment allocations and performance oversight of multi-national real estate fund-of-fund manager on behalf of a major pension fund.

- Portfolio management, restructuring and workout services on behalf of an insurance company client holding a variety of project finance exposures involving infrastructure, commercial real estate, European football clubs, building societies and local authorities (school construction).

Freddie Mac (Largest Provider of Outsourced Multifamily Loan Underwriting Support)

- Oversaw record levels of multifamily loan underwriting and securitization support services.

- Successfully executed the strategic divestiture of this business line with no disruption to production volume.

Strategic Initiative Special Project (Increased Scope & Breadth of FMA India Work Assignments)

- Responsible for creating a scalable work assignment process and engagement model.

- Resulted in migration of 35-40% of work on new assignments to the FMA India team.

BANK OF AMERICA MERRILL LYNCH (“BAML” including affiliates & predecessors)  1983 to 2011

Bank of America Merrill Lynch is the corporate and investment banking division of Bank of America which provides services in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, and research.

Managing Director, Global Head – Real Estate Structured Finance Special Situations

Managed a 20-person team responsible for: (i) the risk management, restructuring, and resolution of complex financing transactions; (ii) note sales and disposition of REO properties; and, (iii) the monitoring, marking-to-market, and liquidation of loan and CMBS securities portfolio positions. Successfully risk-managed and restructured over 140 transactions totaling approximately $12 billion including the following clients and projects:

Archstone REIT (Post-LBO Restructuring) BAML, Barclays, and Lehman Brothers provided debt & equity bridge financing in connection with the LBO of this multifamily operator / developer.  Successfully restructured and stabilized the capital structure avoiding bankruptcy and positioning this $22 billion REIT for sale.

- Approved day-to-day strategy and major operating decisions including asset purchases / dispositions, new property development initiatives, hedging strategy, executive compensation retention agreements, counterparty negotiations, and evaluation of capital-raising alternatives.

- Negotiated extensively with third-party secured creditors including Fannie Mae, Freddie Mac, construction lenders, and hedge counterparties representing over $9 billion in financing commitments.

Extended Stay Hotels CMBS (Bankruptcy Resolution / Recovery) ESH was sold to a consortium of Centerbridge Partners, Paulson & Co., and Blackstone for approximately $4 billion all-cash resulting in the recovery of 95% of the first mortgage amount.

- Represented BAML on the Operating Advisor Committee (BAML, Cerberus, and UBS).

- Resolution roadmap resolved conflicts between CMBS market framework and U.S. Bankruptcy Code.

Lincoln Road (Advisory Board) Represented BAML’s interest in a HY real estate loan investment JV with LNR.

Fontainebleau Miami Hotel (Board Advisor) Represented BAML’s equity ownership interest in the Fontainebleau Miami Beach Hotel co-owned with Dubai World and a local Miami-based developer / sponsor.

EDUCATION, CERTIFICATIONS & AFFILIATIONS

Southern Methodist University – Cox School of Business, 1983

Bachelor Business Administration – Finance

Licenses & Affiliations

Series 7, 24, 63, and 79; FINRA, ULI, NAREIT, REBNY, CREFC, Habitat for Humanity