Experience

Prior to founding Keystone Real Estate, Ryan was Director of Finance at McWhinney, a Loveland, CO based developer. At McWhinney, Ryan was responsible for developing relationships with debt providers; sourcing, negotiating, and closing loans to support development and acquisition activities; financial forecasting; and overseeing the company’s project and tenant analysis/underwriting efforts.

Prior to joining McWhinney in 2008, Ryan was a commercial real estate banker with PNC Bank where he underwrote, structured, and negotiated construction, bridge, and corporate debt solutions for REIT, investor, and developer clients. Prior to PNC, Ryan was a business analyst with Deloitte Consulting.

Ryan holds an MBA in Finance from the Tepper School of Business at Carnegie Mellon University and a BS in Industrial Engineering from the University of Pittsburgh. He is an active member of the Urban Land Institute and is also a member of the National Apartment Association.

Ryan possesses more than twenty years of real estate capital markets, commercial real estate (CRE) investment, and business analytics experience. During this time, Ryan has closed/underwritten $1B of CRE debt financing, and developed numerous long-standing relationships in the commercial lending community encompassing national and regional banks, life insurance companies, mortgage brokers, and multifamily-specific debt programs.

Having formerly been a CRE lender himself, Ryan has strong appreciation of how to identify, quantify and mitigate risk, and is able to leverage that understanding in evaluating investment and development opportunities, achieving optimal results for investors.

Ryan serves as Vice President of the Board of Directors of Colorado ChildSafe, serves on Pastoral Council at Our Lady of the Valley Catholic parish in Windsor and is a regular volunteer at the Catholic Charities Catholic Charities' Samaritan House in Fort Collins, CO. In the past he has served in leadership roles with the Urban Land Institute's Northern Colorado Committee and as a co-founder of ULI Pittsburgh's Young Leaders group.


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A former CRE lender himself, Ryan is well versed in current capital markets terms and structures for construction, bridge, permanent (LifeCo, Fannie/Freddie, CMBS), and HUD financing. In the past 5 years, Ryan has sourced and closed $350 MM of CRE debt, and consulted on an additional $600+ MM of loans.

Ryan has extensive experience in commercial real estate market research, from both developer/investor and bank perspectives.

This experience includes: Demand Analysis, Economic, Demographic, and Psychographic Studies, Supply/Pipeline Analysis, Differentiation Strategies, and Competitive Set Analysis.

Ryan has well over ten thousand hours experience utilizing MS-Excel and Argus to model CRE investments, incorporating: varied unique and complex promotes and waterfall structures; multiple and variable hold periods; sensitivity and 'downside' analysis; and complicated capital stacks. He has experience modeling myriad capital sources, including construction, permanent, and mezzanine debt, EB5 financing and HUD market rate multifamily loan programs.

Ryan has underwritten hundreds of potential real estate transactions, facilitating the ground up construction of 9 multifamily projects (2800 units), the sale of a dozen stabilized assets, and the construction of office/industrial build-to suits totaling 700,000 SF.

"In anything at all, perfection is finally attained not when there is no longer anything to add, but when there is no longer anything to take away."

― Antoine de Saint-Exupéry