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Real Estate Capital Markets Team

Zions Capital Markets consists of a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry.


David Auerbach

Head of Real Estate Capital Markets

David oversees all Real Estate Capital Markets activities within Zions Bancorporation, N.A. He has over 20 years of experience in the commercial real estate finance industry and capital markets. Prior to Zions, he was a founding member of Archetype Mortgage Capital, a conduit loan origination platform within LNR Property, which became Starwood Mortgage Capital following Starwood Property Trust’s (NYSE: STWD) acquisition of LNR Property in 2013. Prior to Archetype, David held various positions in commercial real estate finance including senior roles at Wachovia Securities and Deutsche Bank. David holds an MBA from the University of Miami and a BBA from Florida International University.


John Schellpfeffer

Head of Credit, Real Estate Capital Markets

John is Zions’ dedicated senior credit officer supporting Real Estate Capital Markets, reporting to the Bank’s Chief Credit Officer. John spent the past 24 years at Wells Fargo, where he was most recently Wells’ Real Estate Capital Markets Senior Credit Officer and Head of CRE Underwriting for the Southeastern and Midwestern regions for 12 years. Prior to his credit officer role, John was in various leadership roles in asset management and loan workouts following Wells’ acquisition of Wachovia during the financial crisis, where he had been the head of CRE underwriting for Wachovia’s CMBS platform. John holds a BS from Fairfield University. 


Baz Preston

Managing Director, Head of CMBS Trading

Baz manages pricing, hedging and execution of Real Estate Capital Markets new issuance CMBS.  He has over 25 years’ experience in trading & real estate capital markets, most recently as a founding member of Cantor Fitzgerald’s Commercial Real Estate platform (CCRE), where he was Head of Trading.  Prior to CCRE, Baz sat on the Investment Bank Portfolio and CMBS trading desk at J.P. Morgan, and the CMBS desk at Bear Stearns.  His career started as an interest rate trader for the London IFFE. Baz holds a BS from Queens University Belfast.


Ryan Frank

Managing Director, Head of Securitization

Ryan is responsible for managing securitization contributions, issuer partner relationships, and rating agency execution for Real Estate Capital Markets. Ryan has over 20 years of experience in commercial real estate, most recently as a Senior Director at Fitch Ratings where he managed a CMBS rating team with coverage across conduit, agency, and single borrower product types. Ryan holds a BA in Finance and Real Estate from the University of Wisconsin.


Brian Bokor

Managing Director, Head of Contract Finance

Brian is responsible for the negotiation, documentation, and closing Real Estate Capital Markets loans. Brian has over 20 years of experience in commercial real estate, including in-house counsel at Wells Fargo supporting CMBS and balance sheet originations. Prior to Wells Fargo, Brian was an attorney for BNY Mellon, supporting the bank’s conduit program, and spent over 10 years in private practice focusing on CRE debt and equity transactions. Brian holds a JD from the University of Florida and a BA from Davidson College.


Paul Cabot

Director, Originations

Paul is responsible for internal originations across affiliate banks in the western region for Real Estate Capital Markets.  He has over 11 years of experience in commercial real estate finance, focused on conduit loan originations with Starwood Mortgage Capital in the Los Angeles, San Francisco, New York, and Miami offices. Before joining Starwood, he graduated LNR’s rotational analyst program. Paul holds a BA in economics from the University of Chicago.


Spiridon Mitsis 

Director, Originations

Spiro is responsible for Real Estate Capital Markets loan originations. He has over 11 years of real estate capital markets experience, including most recently Citigroup, where he focused on Southeast and Mid-Atlantic loan originations. Since 2011, he was involved in over $5 Billion of CMBS and balance sheet loan transactions. Spiro holds a BA from Baruch College. 


Herschel Patel  

Director, Securitization

Herschel is responsible for securitization data capture and disclosure, legal due diligence, loan marketing to investors, and securitization contract analysis for Real Estate Capital Markets. He has over 11 years of experience in commercial real estate finance and structured products, most recently as a Vice President at Wells Fargo Securities (WFS), where he focused on CMBS Securitization, Loan Selling, and Credit Risk Retention. Prior to WFS, Herschel worked within Asset/Portfolio Management (conduit and SASB CMBS transactions) at Wells Fargo Bank. Herschel holds a BA from Duke University.


Lilly Recio

Associate Director, CMBS Structuring

Lilly is responsible for bond structuring and analytics for Real Estate Capital Markets. She has over 20 years of experience in capital markets and structuring financial products. Prior to Zions, she worked in bond analytics and capital markets for LNR Property, which was acquired by Starwood Property Trust (NYSE: STWD) in 2013. Lilly holds an MBA from Arizona State University and a BS from Florida International University.


Brian Holberton

Associate Director, Underwriting

Brian is responsible for credit underwriting and risk analysis for Real Estate Capital Markets. Before joining Zions, Brian was at Townhouse Partners, where he specialized in the financial analysis and modeling across various CRE structured finance platforms. Prior to Townhouse Partners, Brian was drafted by, and played professional baseball for, the Houston Astros. Brian holds a MS from New York University and a BS from UNC Chapel Hill.


Angelo Mannino

Associate Director, Underwriting

Angelo is responsible for credit underwriting and risk evaluation for Real Estate Capital Markets. Previously, Angelo was at Moody’s as a lead analyst for their CMBS & CRE-CLO teams focusing on Conduit, SASB, and Agency transactions. Prior to Moody’s he worked as an underwriter for NYCB, a balance sheet lender, and an associate at a small investment shop MRG. Angelo has a BBA in Finance & Law from Hofstra University and a MS in Real Estate Finance from New York University.

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