CREFC Hosts 5th Annual Real Estate Debt Case Competition; Yale University Takes Top Honors

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Apr 17, 2026, 12:25 ET

University Students Compete for $45,000 in Prize Money

NEW YORK, April 17, 2026 /PRNewswire/ -- The CRE Finance Council (CREFC) this week hosted its 5th Annual Real Estate Debt Case Competition, bringing together top undergraduate and graduate students from 11 leading U.S. universities for an intensive, real-world commercial real estate finance challenge.

Now in its fifth year, the competition has become a cornerstone of CREFC's efforts to connect emerging talent with the industry, giving students a hands-on opportunity to analyze, structure, and present a complex commercial real estate lending decision under real-world conditions.

Members of Yale University’s winning team accept first place and a $20,000 prize at the CRE Finance Council’s 5th Annual Real Estate Debt Case Competition. Pictured with the team are Adam Behlman (left), President of Starwood Property Trust’s Real Estate Investing & Servicing segment and President of Starwood Mortgage Capital, and Lisa Pendergast (right), President and CEO of the CRE Finance Council.

Teams competed for $45,000 in total prize money, presenting their recommendations to a panel of senior industry professionals.

Top honors were awarded to:

1st Place – Yale University
2nd Place – Florida State University
3rd Place – The Pennsylvania State University

"The debt case competition reflects the strength and aptitude of the next generation entering the CRE finance industry," said Lisa Pendergast, President and CEO of CREFC. "The caliber of teams this year was exceptional. Students brought thoughtful, well-structured analyses and a level of professionalism that mirrors what we see in the industry today. It's exciting to see this kind of talent emerging, and this program plays a critical role in connecting them to the CRE finance community."

Competitors presented their analyses of a commercial real estate lending decision using a case study based on a real-world transaction. The teams had one week to prepare the analysis and presentation materials, which were judged by a panel of senior commercial real estate finance executives using evaluation criteria including the team's analysis, conclusion, and presentation skills.

The case study was developed in collaboration with Ares Management LLC, providing students with a realistic and timely industry scenario.

The 11 U.S. universities with top-rated real estate programs invited to take part in this year's competition included:

Cornell University
Florida State University
Fordham University
NYU Schack Institute of Real Estate
The Pennsylvania State University
UC Berkeley Haas School of Business
University of Florida
University of Miami
UT Austin McCombs School of Business
Villanova
Yale University

Through initiatives like the Real Estate Debt Case Competition, CREFC continues to expand its educational programming and strengthen connections between academia and the commercial real estate finance industry.

About CRE Finance Council
The CRE Finance Council (CREFC) is the trade association for the over $6 trillion commercial real estate finance industry with a membership that includes more than 400 companies and 19,000 individuals. Member firms include balance-sheet and securitized lenders, loan and bond investors, private equity and debt firms, servicers, rating agencies, and borrowers.

For over 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets, and acted as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education for market participants.

For more information, please visit our website.

SOURCE CRE Finance Council