Our real estate platform leverages AB’s culture of research-based, deep value investing.

We work to deliver attractive risk-adjusted returns to investors in transitional lending.

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Real estate debt origination is a major part of the firm’s alternative investments business, with platforms in Europe and the US. AB’s efforts in commercial real estate debt investing began in 2012 in the US, expending into Europe in 2020. Combined, these platforms have raised $7.3 billion of dedicated capital commitments as of March 31, 2021. The US Commercial Real Estate Debt (CRED) team has successfully managed several closed-ended funds and separate account vehicles across diverse market environments.

Being successful in the competitive US market requires a rigorous approach—including thoughtful deal sourcing, meticulous underwriting and disciplined asset management. The experienced AB US CRED team brings a breadth of knowledge and extensive network of relationships throughout the US, enabling it to deliver unique value to borrowers and US CRED investors. AB’s US CRED team has designed a comprehensive investment process with risk-reduction techniques, enabling it to optimize risk-adjusted returns for investors.


AB’s US CRED team originates first-mortgage whole loans secured by value-add real estate properties, whose owners are implementing business plans to create value through lease-up, asset renovation/repositioning or market recovery.

Loans range in size from $20 to $125 million, and the team carefully diversifies portfolios by property type, geography and borrower. All loans are held on balance sheets through maturity without using fund-level leverage. Asset management is retained in-house in order to efficiently identify and reduce risk at all points during the holding period of the loan.


Debt Team

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  • Peter J. Gordon
    Peter J. Gordon
    Chief Investment Officer and Head—US Commercial Real Estate Debt
    Peter J. Gordon is Chief Investment Officer and Head of Commercial Real Estate Debt (CRED) in AB’s Real Estate Debt Group. CRED oversees nearly $6 billion in committed capital from insurance companies, pension funds and banks, across three vintage closed-end funds and various other institutional mandates. Gordon has been gaining experience in the US commercial real estate markets since 2001 and has also spent four years in construction management. Previously, he ran origination for and was managing director of Commercial Real Estate Debt. Prior to joining the firm in 2016, Gordon served as managing director and head of commercial real estate (CRE) whole loan originations at Angelo, Gordon & Co., a global alternative investment-management firm, where he led the CRE whole loan team, responsible for sourcing, pricing, financing and structuring transactions as well as managing assets in the investment portfolio. Prior to that, Gordon was a senior member of the real estate finance and investment banking groups at both Goldman Sachs and Morgan Stanley, where he was involved in all aspects of commercial real estate lending, from originations for balance-sheet and commercial mortgage-backed securities to loan structuring, syndication and securitization. Gordon holds a BS in mathematics from the University of St Andrews in Scotland and an MBA from Columbia University. Location: New York & Los Angeles
  • Edward Gellert
    Edward Gellert
    Managing Director
    Edward Gellert is Vice President and Managing Director for Commercial Real Estate Debt Investments at AB, with approximately 30 years of real estate industry experience, including investment and portfolio management, lending, distressed-focused investing, deal sourcing and the operation and development of real estate assets. Prior to joining AB, he was a senior portfolio manager at Avenue Capital Group, where he directed the investment activities of the Avenue Real Estate Strategy. He also served as chairman, CEO and president of ACRE Realty Investors. Before joining Avenue in 2004, Gellert founded EDGE Partners, where he served as a co-managing member of joint-venture entities that developed, repositioned and owned over 1.2 million square feet of properties. Previously, he sourced and arranged distressed debt and property acquisitions for Argent Ventures and Amroc Investments, and was an analyst and asset manager for BRT Realty Trust. Gellert holds a BSM from the AB Freeman School of Business at Tulane University. Location: New York
  • Midge Brogan
    Midge Brogan
    Managing Director
    Midge Brogan joined AB in 2020 and is a Managing Director and Chief Financial Officer for the firm’s Commercial Real Estate Income Fund, with broad responsibility for finance, reporting and asset-management functions across the US Commercial Real Estate Debt platform. Previously, she managed Park Praedium, a company she founded in 2009, where she advised on workouts, recapitalizations and restructurings within commercial real estate. From 2015 to 2017, Brogan was a managing director for Colony NorthStar. Prior to that, she served as a managing director for Sabal Financial Group, and for the Global Real Estate Group at Lehman Brothers. Brogan holds a BS (cum laude) in business management with a concentration in accounting from Boston College, and an MBA with concentrations in finance and real estate from the George Washington University. She is also a member of 100 Women in Finance and WX New York Women Executives in Real Estate, and was named one of the Top 50 Women Real Estate Professionals in 2004. Location: New York
  • Yanshu Li
    Yanshu Li
    Head of Asset Management
    Yanshu Li is Head of Asset Management for Commercial Real Estate Debt in AB’s Real Estate Group. Prior to joining AB in 2019, she managed KG Realty Investments, a value-add residential real estate investment company which she co-founded in 2013. From 2010-2013, she worked as an associate in the Commercial Real Estate Debt group at Blackstone, focusing on high-yield debt origination, structuring and asset management. From 2006 to 2009, Li was an associate in the CMBS Large Loan Group at Morgan Stanley, responsible for underwriting debt investments across all property types. She holds a BA in economics from Princeton University. Location: New York

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  • Taylor Callaway
    Taylor Callaway
    Vice President
    Taylor Callaway is a Vice President for Commercial Real Estate Debt in AB’s Real Estate Group, where he is responsible for the origination of transitional commercial real estate loans. Prior to joining AB in 2017, he was an associate in the Real Estate Investments Group at Crow Holdings Capital Partners, where he oversaw equity investments across multiple product types. Before Crow Holdings, Callaway was an associate at The Related Companies, where he focused on the origination of high-yield commercial real estate loans. He holds a BS in real estate finance from the Edwin L. Cox School of Business at Southern Methodist University. Location: Los Angeles
  • Evan Katzin
    Evan Katzin
    Vice President
    Evan Katzin is a Vice President for Commercial Real Estate Debt in AB’s Real Estate Group, where he focuses on origination of transitional commercial real estate loans. Prior to joining AB in 2014, he was an investment banking analyst in Goldman Sachs’ Real Estate Financing Group. Katzin began his career in 2010 in LNR Property’s analyst rotational program. He holds a BA in finance from the University of Florida. Location: New York
  • Jeremy Mizraji
    Jeremy Mizraji
    Vice President
    Jeremy Mizraji is a Vice President for Commercial Real Estate Debt in AB’s Real Estate Group, where he focuses on origination of transitional commercial real estate loans. Prior to joining AB in 2016, he spent three years at GEM Realty Capital, focusing on equity investments across all property types. Mizraji holds a BA in finance and accounting (magna cum laude) from the University of Miami, Florida. Location: New York