Calmwater Capital

Calmwater Capital is a leading direct real estate lender led by veteran industry professionals. Formerly known as Karlin Real Estate Lending and primarily dependent upon one source of capital, Calmwater Capital recently changed its name to reflect our increasingly diverse sources of capital with our steady, reliable presence in the market. As the same nationally recognized team that has originated and managed over $1B of commercial real estate loans, we are very excited to provide the same high quality product and service to real estate investors under the banner of a fresh new brand name.

Real Estate Specialization
Multifamily
Office
Industrial
Retail
Hotels
Special Purpose
Investment Type
Debt
Investment Style
Core
Core+
Value-add
Opportunistic
Development
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Chief Executive Officer

David Cohen

David Cohen is Calmwater Capital’s Chief Executive Officer and a member of its Executive Committee. He is also President and Chief Executive Officer of Karlin Asset Management, Inc. (“KAM”), an investment firm he co-founded in 2005 that manages the approximate $1.7B wealth of a single principal. KAM is the majority shareholder of Calmwater Capital. Mr. Cohen has over 25 years of experience in principal investing in public securities, real estate, and private equity. Mr. Cohen spent nearly a decade in senior executive positions with one of the largest private companies in the U.S. He also served as a Principal in a $16B alternative investment firm (acquired by Blackrock), and started his career as an investment banker and derivatives specialist at Lazard Frères & Co. in New York. His academic background includes degrees from Cambridge University (MPhil., Finance), and Boston University (B.S., summa cum laude,Engineering), and graduate work at Sydney University as a Rotary Foundation Scholar (Engineering). Mr. Cohen serves in executive leadership roles or board positions with a variety of non-profit organizations in the areas of education, public policy, medical research and animal welfare.

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Portfolio Manager

Larry Grantham

Larry Grantham is Calmwater Capital’s Portfolio Manager and a member of its Investment Committee. He has over 15 years of financial services experience including debt investing, real estate, private equity and structured finance. Prior to joining Calmwater Capital, he spent five years as a Director with a credit joint venture funded by Fortress Investment Group where he was responsible for sourcing, underwriting and/or executing investments including loan originations and the purchase of non-performing loans secured by real estate and corporate assets. Previously, Mr. Grantham spent four years as a Principal with Boston based East Hill Management ($800mm AUM) as an analyst for their long/short equity and private equity funds. He also served as a Principal with CypressTree Investment Management, a CLO manager, helping the company grow from $50MM to $4.3B in AUM. Mr. Grantham graduated with a B.A. from Vanderbilt University. He is a member of the Turnaround Management Association, American Bankruptcy Institute and the Association of Corporate Growth.

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Sr Portfolio Manager

Matt Schwab

Matthew Schwab is Calmwater Capital’s Senior Portfolio Manager and a member of its Investment Committee. He is also Managing Director of Karlin Real Estate which he founded in 2008. Mr. Schwab has overseen over a billion dollars in acquisitions and financings of real estate across the United States and Europe. His opportunistic purchases of office, multi-family, hotel and retail assets throughout the financial crisis enabled Karlin to become a major player amongst private equity firms . Using his experience from several billion dollars in career acquisitions, Mr. Schwab has aggressively built the company’s presence in the real estate and restructuring investment community across the globe. He has moderated and served on a number of panels, including the PERE Global Investor Forum in Los Angeles and the IMN Opportunity Fund Winter Conference in Laguna Beach. Currently, he sits on the Board of Advisors for the Ziman Center for Real Estate and the Price Center for Entrepreneurial Studies both located at the Anderson School of Business at UCLA. He is also a Chair of the Board of Trustees for PS1 Elementary School in Santa Monica. Mr. Schwab is a graduate of the University of California, Santa Barbara (B.S. in Economics) and the Anderson School at UCLA (M.B.A.).

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Vice President, Fund Development

Eric Jordan

Eric Jordan is responsible for fund development and investor relations as well as the origination, underwriting and execution of opportunities for Calmwater Capital. Prior to joining Calmwater in 2012, he was the Director of Acquisitions for Parallel Real Estate Advisors (PREA), a Los Angeles based real estate investment and advisory firm, where he carried out all phases of the acquisition process for various property types including retail, office, hospitality, multi-family and land development. Mr. Jordan began his career as a senior associate at PricewaterhouseCoopers where he performed audit and financial statement assessments for various real estate clients including Catellus Development Corporation (now Prologis), AMB Property Corporation, Maguire Properties and Stockbridge Capital Group. Mr. Jordan has a bachelor’s degree in Finance from Santa Clara University, an M.B.A. and a Master’s degree in Real Estate Development (M.R.E.D.) from the University of Southern California and is a licensed real estate broker in California.

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Vice President, Originations

Bradley Ross

Bradley Ross is primarily responsible for the sourcing, underwriting and execution of capital placement opportunities within Calmwater Capital. Prior to joining Calmwater, Mr. Ross was a top producing broker with Major Properties Real Estate, a Los Angeles based commercial brokerage. Mr. Ross led sourcing, marketing, and closing efforts for 80+ sale and lease transactions across industrial, commercial, multifamily, and hospitality product types as well as for various development opportunities. Mr. Ross is a graduate of the University of Michigan (B.A. in Anthropology), and the UCLA Anderson School of Management (M.B.A.). Mr. Ross is also a licensed California real estate broker.

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Connor Humphreys

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Ryan Malatesta

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David Traversi

San Antonio Fire and Police Pensioners' Association

Key Focus Areas
Lending Institutional Investors
Geographical Area
Mapped Location