From the August issue: There have undoubtedly been less fraught times to be a banker approving construction loans far north of $100 million.
But back in the summer of 2010, when Steven Kenny was promoted to head up commercial real estate banking for New York and New Jersey at Bank of America, the world of lending was even darker. That year, Kenny estimates he was still spending 50 percent of his time dealing with distressed loans, and the bank’s commercial lending unit, as one market participant put it, was “very much out of it.” [more]