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“Your Home’s Value May Have Soared Nearly 10% During the Pandemic”



2021 Market Outlook – U.S. Real Estate


Amherst 2021 Market Outlook (Version 1.0)

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New York, NY
444 Madison Avenue
19th Floor
New York, NY 10022
(212) 593-6020
Austin, TX
5001 Plaza on the Lake
Suite 200
Austin, TX 78746
(512) 342-3000
Boston, MA
15 Broad Street
Suite 400
Boston, MA 02109
Chevy Chase, MD
4445 Willard Ave #600
Chevy Chase, MD 20815

Bergman RE, partners buy 160K sq. ft. Princeton office building from Mack-Cali


Amherst Appoints Gillian Sutton Cho as Chief Operating Officer of Investment Management


Managing Director, Originations

Gabe Boyar

Managing Director, Originations

Gabriel Boyar is a Managing Director at Amherst Capital Management, responsible for origination of first mortgage debt on all types of commercial real estate.  He has over 20 years of experience in real estate finance and investment.

Prior to joining Amherst Capital, Gabe was the owner and Managing Principal of Columbia River Capital Advisors.  At Columbia River, he served as the full time exclusive advisor to a prominent NYC family that owns a substantial real estate portfolio.  At Columbia River, Mr. Boyar provided advice related to sales, acquisitions, financings and 1031 exchange opportunities. 

Prior to starting Columbia River, Gabe was the leading revenue producer in New York City for CapitalSource Finance LLC. At CapitalSource, Mr. Boyar specialized in on-balance sheet real estate lending on all types of transitional properties. Representative transactions included pre–construction financing on numerous development parcels in New York City, construction financing on all property types and first mortgage financing on properties that required significant capital infusion to re-establish themselves in their respective marketplaces. 

Prior to joining CapitalSource, Gabe worked at UBS where Gabe closed transactions that included both high leverage first mortgage loans and equity investments. Gabe was also the Senior Vice President of Acquisitions for Brickman Associates where he led the Firm’s acquisition effort and helped raise its first opportunity fund. He was a Vice President with Nomura Capital during the infancy of the CMBS mortgage loan business and an attorney with Weil, Gotshal & Manges LLP.

Gabe holds an MS in Real Estate from New York University, a JD from the Benjamin N. Cardozo Law School at Yeshiva University and a BS from Cornell University.

Telephone: 212-409-5410
Email: gboyar@amherstcapital.com


Amherst Expands Senior Leadership Team


Transitional Lending - The Sweet Spot in CRE Investing


Financing Capabilities

Loan Size $10 to $125 million collateralized by institutional quality CRE assets
Loan Type Floating rate, senior loans on middle market property acquisitions and refinances backed by value-add investment strategy
Asset Types

Primary sectors: Office, retail, multifamily, industrial, mixed-use and hotel properties

Other potential sectors: self-storage, student housing, and single family rental portfolios.

Geography Markets across the United States
Loan Term Estimated: 2 to 5 years
Loan To Value/Loan To Cost Up to 75% LTV/LTC
Debt Service Coverage Ratio Requirements Existing DSCRs below 1.0x are acceptable
Loan Fees Typically 1 to 1.5%
Recourse Typically non-recourse

Vice President, Originations

Joe Herzog

Vice President, Originations

Joe Herzog is a Vice President within the Originations group for the Commercial Real Estate Lending business at Amherst Capital.  In this role, Joe is responsible for assisting with the origination of mortgage debt on all types of commercial real estate assets. 

Prior to joining Amherst Capital, Joe worked at Prudential in various functions within their Real Estate platforms on both the debt and equity side. Most recently, Joe worked within Prudential Mortgage Capital’s conduit business, responsible for the underwriting and loan sale of mortgage investments on all property types.

Joe holds an MBA in finance and accounting from Fordham University and a BA in Finance and Information Systems from Villanova University. Joe also holds the CFA® designation.


Joe Herzog (Version 1.0)

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(1) As of June 30, 2020. AUM includes gross assets managed in the commercial real estate strategy.


Amherst Capital is a real estate investment specialist offering traditional and alternative strategies to institutional clients in the public and private real estate credit markets. Amherst Capital manages $2.4  billion of assets1 across private credit and public markets.


Amherst Market Commentary – COVID-19 Relief Helps Some, Leaves Over Half of Households Vulnerable


Amherst Market Commentary - May 2020 Issue (Version 1.0)

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Amherst Market Commentary - March 2020 Issue (Version 1.1)

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Amherst Market Commentary - Coronavirus: Don't Forget America's 43.8 Million Renters