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Bio
Shekar Narasimhan is the Managing Partner at Beekman Advisors which provides strategic advisory services to companies and investors involved in real estate, mortgage finance, affordable housing and related sectors. Shekar is a Co-Founder for the Remergent Communities Fund, an Opportunity Zone Fund, focusing on small towns and cities in the Southeast U.S. He also serves as Chairman of Papillon Capital, focused on sustainable infrastructure investing. Prior to Beekman Advisors, Shekar Narasimhan was a Managing Director of Prudential Mortgage Capital Company, one of the nation’s leading providers of commercial mortgage financing. Immediately prior to Shekar’s time at Prudential, he was Chairman & CEO of the WMF Group, a publicly traded, commercial mortgage financial services company. WMF was one of the largest such firms in the country before being acquired by Prudential in 2000.
Shekar is a former Chairman and Commissioner for the Virginia Housing Development Authority. Previously, he also served as a Member of the Board for Housing and Community Development in Virginia, and as a Commissioner on President Obama’s Advisory Commission on Asian Americans and Pacific Islanders.
Shekar is currently serving on the boards of Broadstone Net Lease, Inc., Enterprise Community Partners, Inc., Democracy Alliance and the Sorenson Institute for Political Leadership. He is on the Advisory Committee for the Bipartisan Policy Center’s J. Ronald Terwilliger Center for Housing Policy, the Council of Advisors for the Center for American Progress and is a member of the Urban Institute’s Policy Leadership Council. He has served on many boards, including the Low Income Investment Fund, the Community Preservation and Development Corporation, the National Housing Conference and the National Multi Housing Council. Shekar also served several terms on the Mortgage Bankers Association of America (MBA) Board of Directors, was the first Chair of the MBA’s Commercial/Multifamily Board of Governors (COMBOG) and founded its Multifamily Steering Committee. He was elected as the first Chair of the Fannie Mae DUS Advisory Committee. He is a sought-after speaker on housing finance and affordable housing and is considered a leading expert on rental housing issues in the United States.
Shekar co-founded and is President of the Dharma Into Action (DhIA) Foundation, an association of Dharmic American leaders and philanthropists collaborating to create a community-based think tank that identify and respond to urgent needs in the community by providing resources, knowledgebase and relevant information to serve Americans in need. He was on the founding board of Indiaspora, a nonprofit organization founded by community leaders to unite Indian Americans and to transform their success into meaningful impact in India and on the global stage. Shekar was also Co-Founder of Upakar Foundation, a higher education scholarship fund.
Shekar has received numerous awards and recognition in the real estate industry including the MBA’s highest honor in 1999 and the Fannie Mae Lifetime Achievement Award in 2003. In 2010, he was the recipient of the Dean H.J. Zoffer Distinguished Service Medal from the University of Pittsburgh. Shekar holds a BS in Chemical Engineering from the Indian Institute of Technology, New Delhi, India and an MBA from the Katz Graduate School of Business, University of Pittsburgh, Pennsylvania. He has earned the designation of Certified Mortgage Banker (CMB).
Show Notes
Current Role
- Introduction to Shekar Narasimhan (00:04:00)
- Shekar is introduced as the founder of Beekman Advisors and discusses his impressive background.
- Founding Beekman Advisors (00:04:30)
- Shekar shares the origin story of Beekman Advisors and his role in the company.
- Career Transition and Insights (00:05:45)
- Shekar reflects on his career choices and the strategic decisions in the real estate industry.
Origins in India
- Growing Up in India (00:09:10)
- Shekar discusses his upbringing in Delhi and its impact on his life and career.
- Education at IIT Delhi (00:10:10)
- He describes his experience at the Indian Institute of Technology and its rigorous admissions process.
- Cultural Identity and Family Influence (00:13:15)
- Shekar shares insights about Indian families, culture, and the values instilled by his parents.
- Language and Learning (00:15:50)
- He explains the multilingual environment of his childhood and its significance in his education.
- Father’s Influence and Education (00:17:30)
- Shekar talks about his father’s dedication to education and the sacrifices made for his studies.
Coming to the United States (University of Pittsburgh)
- Choosing to Study in the U.S. (00:18:30)
- He reflects on his decision to pursue education in the United States and the appeal of its diversity.
- Arrival in Pittsburgh (00:20:30)
- Shekar recounts his arrival in Pittsburgh and the warm hospitality he received from locals.
- Differentiation and Background (00:23:45)
- Shekar emphasizes the importance of distinguishing oneself and creating a unique personal brand.
- Cultural Assimilation and Learning (00:25:10)
- Discussion on Shekar’s experience assimilating into American culture and learning American football.
- Early Life and Reading Habits (00:27:45)
- Shekar shares his childhood as a bookworm and how it shaped his skills and memory.
- Reading Recommendations (00:29:20)
- Shekar suggests reading classics like Plato and Whitman to expand imagination and curiosity.
Work in Appalachia
- Transition to Appalachia (00:30:40)
- Shekar outlines his journey from Pittsburgh to Appalachia and the motivations behind it.
- Community Development in Appalachia (00:34:10)
- Shekar describes his work in a small Appalachian town focused on community revitalization.
- Challenges in Community Projects (00:36:00)
- Discussion on overcoming regulatory hurdles while improving infrastructure in Appalachia.
- Reflections on Poverty (00:39:30)
- Shekar compares poverty levels in India and Appalachia, highlighting the differences.
- Social Strata and Human Nature (00:40:45)
- Exploration of social hierarchies globally and the human tendency to focus on winning.
- Optimism and Future Outlook (00:41:45)
- Shekar emphasizes the importance of hope and optimism in pursuing future opportunities.
- Leaving Appalachia (00:42:20)
- Shekar explains his decision to leave after two years to allow local leadership to develop.
- The Importance of Home Ownership (00:44:15)
- Shekar discusses the significance of home ownership for stability and family in Kentucky.
- Grassroots Experience in Appalachia (00:45:45)
- Shekar reflects on his grassroots work in housing and its impact on his career.
- Cultural Differences in India and the U.S. (00:46:15)
- He shares challenges faced when comparing housing practices in India and the U.S.
Arrival in Washington DC (Government Work)
- Transition to Washington D.C. (00:47:45)
- Shekar explains his recruitment to run a federal program for housing development.
- Impact of Political Changes (00:49:20)
- He describes how the Reagan administration altered the landscape of housing initiatives.
Mortgage Banking/Coop Lending
- Career Shift to Mortgage Banking (00:55:00)
- Shekar details his entry into mortgage banking and the challenges faced in co-op financing.
- The Role of Co-ops vs. Condominiums (01:01:30)
- Discussion on the cultural and financial differences between co-ops and condominiums in America.
- Future Generational Perspectives (01:03:30)
- Shekar speculates on how younger generations may reshape American cultural values.
WMF Group
- The Evolution of WMF Group (01:03:45)
- Shekar discusses the experiences leading to the founding of WMF Group and his entrepreneurial journey.
- Transition to Washington Mortgage Group (01:04:45)
- Shekar explains the transition from Clark Financial Services to Washington Mortgage Group after leaving the co-op bank.
- Challenges of Competition (01:05:45)
- He describes the increasing competition in the mortgage banking industry and the decision to join a larger platform.
- National Bank of Washington Bankruptcy (01:06:30)
- Shekar recounts the bankruptcy of the National Bank of Washington and its impact on their operations.
- Becoming a DUS Lender (01:06:50)
- The conversation covers their achievement of becoming one of the first DUS lenders and the challenges faced.
- Reimagining the Business (01:08:10)
- Shekar shares how the team used bankruptcy as an opportunity to innovate and plan for the future.
- Saudi Investor Involvement (01:09:30)
- He discusses finding a Saudi investor to help recapitalize the company amidst financial difficulties.
- Building a Diverse Board (01:11:45)
- Shekar highlights the importance of having a diverse board to navigate challenges and support the company’s growth.
- Focus on Affordable Housing (01:13:00)
- The company’s commitment to affordable housing and its mission statement are emphasized during this segment.
- Growth of WMF and Industry Changes (01:13:30)
- Shekar details the rapid growth of WMF and the evolution of the mortgage banking industry in the 1990s.
- Lessons from Public Ownership (01:15:15)
- He reflects on the experience of being part of a public company and the challenges it presented.
Sale to Prudential
- Return to Prudential (01:17:10)
- Shekar shares his transition to Prudential and the role he played in building their agency space.
- Multifamily Focus and Mission (01:21:20)
- The conversation touches on WMF’s focus on multifamily housing and the mission to serve clients and communities.
- Changing Perspectives on Multifamily (01:24:00)
- Shekar discusses the shift in the perception of multifamily investments within the institutional investment community.
- Discussion on Apartment Leases (01:25:00)
- The speakers talk about the stability of apartment leases compared to hotel deals.
- Mindset Shift in Real Estate (01:25:30)
- Shekar discusses the dramatic change in mindset within the real estate industry.
- Willy Walker’s Impact (01:26:00)
- Shekar reflects on Willy Walker’s integration of various real estate services into one platform.
Beekman Advisors
- Evolving Beekman Advisors (01:27:20)
- Shekar shares insights on how Beekman Advisors aims to differentiate itself in the market.
- Thought Leadership in Real Estate (01:28:30)
- Shekar emphasizes the importance of thought leadership in advising clients effectively.
- Agency Network Development (01:29:00)
- Discussion on the evolution of agency networks and their significance in the real estate industry.
- Dual Agency Conflict (01:29:30)
- The speakers explain the inherent conflicts in dual agency within mortgage banking.
Transparency and Innovation
- Transparency in Mortgage Banking (01:31:30)
- Shekar advocates for transparency in the mortgage banking process to build trust.
- Offering Multiple Loan Options (01:32:15)
- Shekar shares his approach to presenting borrowers with various financing options.
- Innovative Compensation Structures (01:33:10)
- Discussion on how compensation structures for loan officers were innovated to attract talent.
- Credit Facility Development (01:34:30)
- Shekar explains the creation of a credit facility for larger institutional borrowers.
- Evolution of the Service Company (01:35:40)
- Shekar discusses the ongoing evolution of service companies in the real estate sector.
Affordable Housing
- Affordable Housing Initiatives (01:36:45)
- The speakers explore the potential for profitable affordable housing solutions.
- Amazon’s Investment in Housing (01:37:00)
- Discussion on Amazon’s significant investment in affordable housing and its motivations.
- Challenges in Housing Construction (01:39:00)
- Shekar highlights challenges in the housing construction industry and potential solutions.
- Innovative Approaches to Housing (01:40:30)
- The speakers discuss innovative perspectives on creating value in affordable housing projects.
- Template for Success in Real Estate (01:41:30)
- Discussion on how past experiences set a template for current real estate success.
- Diversification of Revenue Models (01:42:20)
- Shekar admires companies that successfully diversify their revenue streams in real estate.
Industry Consolidation
- Consolidation in the Industry (01:43:45)
- Discussion on the ongoing consolidation trends in the commercial real estate sector.
- Introduction to Bellwether Financial (01:45:30)
- Overview of Bellwether Financial’s origins and its acquisition by Enterprise.
- Enterprise’s Mission (01:46:15)
- Insight into Enterprise’s commitment to affordable housing and its historical background.
- Shekar’s Role at Enterprise (01:46:15)
- Shekar’s involvement with Enterprise and its mission in affordable housing.
- Mergers and Growth Strategies (01:46:30)
- Discussion on Shekar’s contributions to mergers and growth in the affordable housing sector.
Enterprise and Bellwether
- Acquisition of Bellwether (01:47:00)
- Exploration of the reasons behind Enterprise’s acquisition of Bellwether Financial.
- Personal Anecdotes about DJ (01:47:40)
- John shares a personal story about DJ Leffler and his connection to the Michigan-Ohio State rivalry.
- Enterprise Mortgage Assessment (01:49:00)
- Shekar reflects on assessing Enterprise Mortgage and its potential for growth.
- Finding a Merger Partner (01:50:02)
- Details on the process of finding a suitable merger partner for Enterprise.
- Reverse Merger Dynamics (01:51:45)
- Discussion on the unique structure of the reverse merger involving Bellwether and Enterprise.
- Ownership Structure and Stability (01:53:45)
- Shekar explains the ownership model that fosters stability in the mortgage banking industry.
- Challenges in Affordable Housing (01:58:15)
- The conversation shifts to the challenges faced in scaling affordable housing initiatives.
- Capital and Infrastructure Issues (01:58:45)
- Shekar discusses the complexities of capital and infrastructure in affordable housing development.
Virginia Housing Development Authority
- Virginia Housing Development Authority (02:00:00)
- Shekar shares his experiences as chairman of the Virginia Housing Development Authority during COVID-19.
- Emergency Rental Assistance Initiatives (02:02:00)
- Overview of Virginia’s efforts to assist tenants and landlords during the pandemic.
- Public Service Achievements (02:03:00)
- Shekar discusses his impactful work in Virginia’s government, focusing on efficiency and support for vulnerable citizens.
- Timeline of Service (02:04:15)
- He outlines his service period from 2020 to 2022, coinciding with the pandemic.
- Crisis Management Insights (02:05:00)
- Shekar reflects on the importance of addressing problems directly during crises, emphasizing solution-oriented discussions.
COVID Impacts
- Collaboration During COVID (02:05:45)
- He shares experiences of working with teams in Richmond to tackle challenges posed by the pandemic effectively.
- The pandemic’s impact on markets (02:06:00)
- Discussion on the significant social and economic impacts of the pandemic, especially on the office and residential markets.
- Long-term economic changes (0)
- Shekhar reflects on the shift to a ‘different normal’ in the economy post-pandemic.
- Construction industry during the pandemic (02:07:30)
- Despite challenges, construction thrived, with a notable surge in multifamily projects.
- Mental health crisis (02:08:00)
- Shekhar highlights the loneliness epidemic exacerbated by the pandemic, affecting societal interactions.
- Children’s social development (00:03:50)
- Personal anecdote about children missing crucial social interactions during lockdowns.
- Adaptability of humans (00:05:32)
- Discussion on human adaptability in response to societal changes and crises.
- Historical context of societal disruption (02:12:15)
- Shekar compares pandemic effects to past significant events like 9/11 and the Vietnam War.
- Office market consolidation (02:13:30)
- Insights on the ongoing consolidation in the office market and its implications.
- Retail market recovery (02:14:00)
- Discussion on the unexpected rebound of the retail sector post-pandemic.
Leadership Experiences and Lessons
- Corporate board experiences (02:15:10)
- Transition to discussing Shekhar’s personal journey in corporate leadership and diversity in boards.
- Meritocracy in America (02:15:45)
- Shekar shares his views on meritocracy and the importance of hard work in opportunities.
- Diversity in leadership (02:17:00)
- Reflections on supporting diversity in leadership roles without compromising meritocracy.
- Opportunities in leadership (02:18:30)
- Shekar discusses how he earned leadership roles and the importance of surrounding oneself with capable people.
- Challenging the status quo (02:19:00)
- Insights on the need for diverse perspectives and challenging conventional thinking in leadership.
- Mentorship for young people (02:21:30)
- Shekar shares advice for youth on character, self-control, and seizing opportunities.
- The Importance of Closing (02:25:50)
- Shekar discusses the necessity of closing chapters in life to move forward effectively.
- Navigating Networking (02:28:50)
- Shekar emphasizes the importance of personal interactions for building a professional network.
- Overcoming Public Speaking Fear (02:32:30)
- Shekhar shares his journey of overcoming fear in public speaking through hard work and practice.
- The Art of Listening (02:37:00)
- Shekar highlights the difference between listening and hearing, advocating for better communication skills
- The Importance of Open-Mindedness (02:40:50)
- Discussion on the privilege of social interactions and the value of diverse perspectives.
- Tribal Mentality and Society (02:41:00)
- Reflection on societal divisions and the challenges of accepting alternative viewpoints.
- Historical Patterns of Crisis (02:41:30)
- Exploration of historical crises and their relevance to current societal challenges.
Personal Lessons
- Personal Wins and Opportunities (02:42:30)
- Shekar shares career wins stemming from being asked to take on new roles.
- Earning Belief in Capabilities (02:44:45)
- Discussion on how to earn others’ belief in your capabilities through actions.
- Balancing Life’s Complexities (02:48:30)
- The importance of managing various life aspects, including family and career.
- Advice on Partnership (02:51:00)
- Shekar emphasizes the benefits of finding a partner to grow and succeed together.
- The Power of Belief (02:54:30)
- Shekar’s idea for a billboard: “Believe,” highlighting the importance of belief in oneself and others.
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