Investment Management
Vancouver-founded private lender and investor in commercial real estate debt and equity across Canada and the U.S. Sunbelt.
Trez Capital was founded in Vancouver in 1997 and provides short- to mid-term commercial real estate loans (construction, land, bridge) and joint-venture equity, funded largely through open-ended mortgage trusts sold to Canadian investors and closed-end institutional and opportunity funds. In Canada it works out of a Vancouver head office, a Toronto office and a Montreal satellite office; it also has offices in Dallas, Miami, New York and Phoenix, and much of its recent equity activity is in Texas and Florida. For students, the relevant roles are in origination and underwriting, credit and portfolio management, capital markets and fund finance, but the careers page showed no open positions or student program on 2026-10-01. In August 2025 Trez suspended redemptions in five open-ended trusts, citing elevated redemption requests, loan funding commitments and active loan workouts, and it issued further suspension notices in February and August 2026; it says monthly distributions are continuing.
0 open roles4 deals6 people28 sources
Short- to mid-term construction, land, acquisition and term loans to developers and owners in Canada and the U.S., originated by Canadian and U.S. origination teams. Recent Canadian examples include a C$22M industrial construction loan in Alberta (June 2026).
U.S. commercial real estate bridge-loan program plus capital-markets work that finances Trez's own lending activity. It is run from New York.
Joint-venture equity in residential lot development and housing, mainly in the U.S. Sunbelt. It invests through the open-ended Trez Capital Private Real Estate Fund Trust (TPREF) and the closed-end Trez Capital U.S. Opportunity Funds (TOF I–IX).
Open-ended mortgage trusts sold through investment advisors (e.g. Trez Capital Prime Trust and Yield Trust), plus Trez Capital Finance Funds and institutional private offerings for pensions and other institutions.
| Vancouver | BC | headquarters |
| Toronto | ON | office |
| Montreal | QC | regional |
Addison (Dallas) · Miami · New York · Scottsdale (Phoenix)
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From the inside
Reasons that work in interviews
3 reasons for Trez Capital
Credit interviews test whether you think about downside first. The strongest framing is that you want to learn to underwrite what happens when a business underperforms, which equity investing never forces you to do properly. Then make it specific to their position in the capital structure.
Commercial real estate lending across Canada and the US, so you learn real estate credit specifically rather than corporate.
Both debt and equity participation in projects, which means you see the full capital stack on an asset.
Vancouver-based with significant US exposure, particularly in fast-growing Sun Belt markets.
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How juniors get in
No student or new-graduate route into the Canadian lending or equity teams is visible: Trez's financial analysts sit on its U.S. origination team and its past Vancouver underwriting hire asked for four or more years of real estate lending experience.
Green: evidence it does. Struck through: evidence it doesn’t. Dashed: no public evidence either way.
Programs
Co-Chief Executive Officer & Global Head of Origination
Executive Leadership Team (Dallas)
Oversees Trez's debt and equity financing business across North America, having previously led its Central and Southwestern U.S. region from Dallas. Joined Trez in 2012 after roughly 20 years in homebuilding, mostly as President of The Ryland Group's Dallas division, and earlier practised law in Dallas.
Co-Chief Executive Officer & Chief Financial Officer
Executive Leadership Team (Vancouver)
Joined in 2021 as CFO, became COO in 2023 and was named Co-CEO in January 2025 while remaining CFO. He leads finance, treasury, bank financing relationships and strategy. Previously CFO of SNAP Financial Group and Group CFO of Butterfield Bank. SFU accounting graduate; CPA, CA and CFA.
Founder & Executive Chairman
Founder
Founded Trez Capital in 1997 after 32 years practising tax and transactional law in the mortgage and real estate industry, including at Owen Bird in Vancouver. He mentors the executive team and works on strategic initiatives. University of Manitoba law graduate (1965).
Chief Investment Officer
Executive Leadership Team (Vancouver)
Oversees all credit and investment risk across Trez's sponsored funds. Joined in 2021 as Chief Risk Officer and became CIO in January 2025. Before Trez he spent 15 years at BMO in commercial banking and credit risk, including as Head of Credit Structuring and Portfolio Management for Commercial Banking. U of T BA (Economics) and Ivey MBA.
Executive Managing Director, Head of Canadian Origination
Canadian Origination (Vancouver, Toronto)
Leads the Canadian origination team that sources, underwrites and structures commercial and multi-family loans and equity investments for Trez funds. Joined in January 2017 from BMO Commercial Banking and was added to the Executive Leadership Team in January 2026. Ivey MBA.
Senior Managing Director, Head of Equity Investments
Equity Investments (Toronto)
Runs new investment activity across Trez's equity platform, covering direct and joint-venture deals for the TOF series and TPREF. Previously on Brookfield Asset Management's private equity real estate team in London, and earlier at Avignon Capital and Savills Investment Management. MRICS.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Jan 29, 2026
Eric HorieAppointment
Executive Leadership Team member (same title)
Trez Capital → Trez Capital
Trez's head of Canadian origination was added to the firm's Executive Leadership Team.
Jan 31, 2025
John MaraglianoPromotion
Co-Chief Executive Officer & Chief Financial Officer
Trez Capital → Trez Capital
Named Co-CEO alongside John D. Hutchinson and kept the CFO role. In the same announcement Christian Skogen became CIO, Keiju Yamasaki became Chief Credit Officer and Darren Esser joined the Executive Leadership Team.
Jan 31, 2025
Dean KirkhamDeparture
Trez Capital → —
Left Trez after joining in 2016, as part of the January 2025 leadership changes.
Jan 31, 2025
Christian SkogenPromotion
Chief Investment Officer
Trez Capital → Trez Capital
Moved from Chief Risk Officer to CIO, with responsibility for all of Trez's investment management.
Jul 13, 2026
Wildrye North (998-lot residential development, Waller, Texas)
Equity investor (JV partner) · Residential lot development
Buyer Trez Capital U.S. Opportunity Fund #9 (TOF IX) in JV with Land Strategies Management
Joint-venture equity investment by TOF IX in a roughly 420-acre, three-phase lot development in Northwest Houston. About 300 lots were under contract to homebuilders at closing.
Closed Jun 1, 2026
Two-storey industrial building, Alberta (borrower not disclosed)
Lender · Industrial real estate
Construction loan for a roughly 55,900 sq. ft. industrial facility with a covered gantry-crane loading area and about 6.5 acres of yard, intended for general manufacturing users. Closed in June 2026 (month only).
Jun 2, 2025
Osprey Creek master-planned community (Polk County, Florida)
Co-investor (JV partner) · Residential land development
Buyer Brookfield Residential and Trez Capital (joint venture)
Joint venture with Brookfield Residential to develop Osprey Creek, a community of more than 900 lots about 35 miles south of Orlando, aimed at first-time buyers.
Apr 7, 2025
Portfolio of 11 Texas master-planned communities (nine developed in a Trez–Hines JV)
Seller (JV equity partner) · Residential land / master-planned communities
Buyer Starwood Capital Group (and affiliates) · Seller Hines, Trez Capital and partners (Caravel Ventures, Bloomfield Homes, Sumitomo Forestry, GMcivil)
Sale of 11 master-planned communities in the Dallas, Houston and Austin areas. The portfolio covers about 16,000 residential lots and 600 acres of commercial land, and nine of the projects were Trez–Hines joint ventures. Terms were not disclosed.
Green Street News described TOF 9, a closed-end opportunistic fund that buys entitled land, services it and sells finished lots to builders. Its first projects are in Houston and west Fort Worth (reposted on Trez's site).
Trez Capital Fund Management LP issued a redemption-suspension notice for the same five trusts, effective 2026-08-17. Monthly distributions continue and no other Trez funds are affected.
Trez announced a redemption suspension effective 2026-02-15 for Prime Trust, Yield Trust and the two Yield Trust U.S. series. It said the TPREF suspension from August 2025 remained in effect.
With Intelligence reported that Trez planned to raise Trez Capital Finance Funds IX, a U.S.-focused commercial mortgage fund aimed mainly at pension and other institutional investors (excerpt reposted on Trez's site).
The Globe and Mail reported the August 2025 suspension and Trez's stated reasons, including loans in default or arrears being renegotiated. It also reported that Trez was weighing strategic alternatives and that its only previous suspension was in March 2020.
John Maragliano was named Co-CEO alongside John D. Hutchinson. Dean Kirkham departed, and Skogen and Yamasaki moved into the CIO and Chief Credit Officer roles.
The eighth U.S. Opportunity Fund closed above its target with commitments from Canadian accredited investors and invests in Sunbelt residential lot development.
Trez moved its western U.S. operations to a new Phoenix-area office.
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Trez Capital · Aug 17, 2026 · trezcapital.com
Trez Capital · Jul 13, 2026 · trezcapital.com
Trez Capital · Feb 17, 2026 · trezcapital.com
Trez Capital · Jan 29, 2026 · trezcapital.com
Trez Capital · Aug 18, 2025 · trezcapital.com
Trez Capital / Brookfield Residential · Jun 2, 2025 · trezcapital.com
Trez Capital · Apr 7, 2025 · trezcapital.com
Trez Capital · Jan 31, 2025 · trezcapital.com
Trez Capital · Dec 12, 2024 · trezcapital.com
Trez Capital · Jun 18, 2024 · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
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Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Trez Capital · Date unavailable · trezcapital.com
Real Estate Institute of British Columbia · Date unavailable · reibc.org
Green Street News (reposted by Trez Capital) · Sep 30, 2026 · trezcapital.com
With Intelligence (reposted by Trez Capital) · Jan 8, 2026 · trezcapital.com
The Globe and Mail · Aug 19, 2025 · theglobeandmail.com
Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
Showing sources for the free preview. 0 further sources support the locked intelligence on this page.
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Get your planSummer Analyst · Canada
A small intake into underwriting and asset management, usually filled directly rather than through a posted programme. BSO has not confirmed a timetable for Trez Capital on an official page: this records that the intake exists and what the category's cycle looks like, not a published date. Confirm with the firm before you plan around it.
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