UNC Kenan-Flagler Business School Wins 4th Annual CREFC Real Estate Debt Case Competition

Undergraduate and Graduate Students Compete for $45,000 in Prize Money 

NEW YORK, April 11, 2025 /PRNewswire/ -- The CRE Finance Council (CREFC), the trade association that exclusively represents the nearly $6 trillion commercial and multifamily real estate finance industry, hosted its 4th Annual Real Estate Debt Case Competition in New York City this week. The event attracted graduate and undergraduate students from 10 U.S. universities with top-rated real estate programs.

Students with a focus on commercial real estate finance participated in this invitation-only competition and competed for a total of $45,000 in prize money.

Winners of the 4^th Annual Debt Case Competition are:

• 1^st place - UNC Kenan-Flagler Business School
• 2^nd place - University of Wisconsin – Madison School of Business
• 3^rd place - Cornell University

"Now in its fourth year, the CREFC Real Estate Debt Case Study Competition brings together talented graduate and undergraduate students with a deep commitment to commercial real estate finance. We want to thank the student teams participating this year and the senior members of CREFC who served as the competition's judges. These senior industry professionals offered their valuable expertise in guiding our up-and-coming CRE finance professionals," said Lisa Pendergast, President and CEO, CREFC.

"We also want to thank Ares Management LLC for their work in developing a debt case that served as the framework for our competition."

The 10 U.S. universities with top-rated real estate programs invited to participate in this competition include:

• Columbia University
• Cornell University
• Florida State University
• NYU Schack Institute of Real Estate
• UNC Kenan-Flagler Business School
• University of Chicago Booth School of Business
• University of Florida
• University of Wisconsin – Madison School of Business
• UT Austin McCombs School of Business
• Wharton School of the University of Pennsylvania

Competitors presented their analyses of a CRE lending decision using a case study based on a real-world transaction. The teams were given one week to prepare their analyses and presentations. At the competition, each team presented to a panel of senior CRE executives who served as judges. Teams were appraised on their overall analysis, conclusion, and presentation skills. Winners from a preliminary round advanced to compete in the final round.

The competition supports CREFC's educational objectives to provide meaningful programming and networking opportunities to students and young professionals. CREFC's Annual Real Estate Debt Case Competition also helps raise the profile of CRE finance among top universities and their students.

For additional information on the Real Estate Debt Case Competition or the CREFC Young Professionals Network, please contact Danielle Nathan.

About CREFC

The CRE Finance Council (CREFC) is the trade association for the nearly $6 trillion commercial real estate finance industry with a membership that includes approximately 400 companies and 19,000 individuals. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, rating agencies, and borrowers. For more than 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets. We function as an important legislative and regulatory advocate for the industry, play a vital role in setting market standards and best practices, and provide education for market participants.

SOURCE CRE Finance Council