A Conversation with Andrew Kaeyer: Relationships, Resilience, and Raising Capital in a Changing Market
In today’s evolving capital markets environment, experience, relationships, and disciplined execution matter more than ever. We recently sat down with Andrew Kaeyer of Hunneman to discuss his career, approach to advising clients, and what continues to drive his success more than three decades into the business.
What was your first Job and how did you get started?
I rode an elevator, literally, until I got hired. I moved to Chicago in 1991 and through friends was shown around the floor of the Chicago Mercantile Exchange and the various trading pits. I was then shown the elevator and rode floor-by-floor stopping to introduce myself to every trading office, resume in hand. I think it was on the fourteenth floor when I met Tom Orr, of FIMAT Futures, who offered me a job; I started the next day. I worked with the traders and brokers in the Eurodollar and LIBOR futures and options pits. Nothing glamorous, but it was a heck of an experience and funny that I started in Chicago with interest rate contracts, and today my career still revolves around interest rates and using LIBOR (now SOFR) rates.
Tell us about your background and how you got started in capital markets.
I started my career in 1995 at Fowler Goedecke Ellis & O’Connor. I was introduced to John Fowler early on, and I knew right away that I wanted to work for him here in Boston. At the time, they weren’t hiring as this was coming out of the late ‘80s recession but I stayed persistent. I kept in touch with him for nearly three years, calling at least once a quarter.
Eventually, that persistence paid off and I was offered a role as a financial analyst. I spent the next several years underwriting commercial real estate financings alongside the top mortgage bankers in Boston for some of the largest developers and family offices in the market. That experience was foundational as it gave me a deep understanding of how deals are structured and how capital is deployed.
In 1998, through a merger, FGEO turned into HFF. That transition provided me with a window into the national capital markets working for the largest capital intermediary in the country.
In 2004 I was given the opportunity to build a capital markets division here at Hunneman. Over the past 30 years at HFF and Hunneman, I’ve been fortunate to be involved in raising more than $3 billion in capital for clients.
I’ve also had the opportunity to work through multiple market cycles. Between 2008 and 2012 I was involved with acquiring distressed commercial real estate loans across the country. That experience gave me a completely different perspective on underwriting, structuring investments, and the importance of how loan documents are drafted; one that I still rely on today.
What has shaped your approach to advising clients today?
A lot of it comes down to experience and the people I’ve worked with over the years. I’ve been fortunate to learn from some of the best in the business, and that education really shapes my current framework. People like John Fowler, Jon Davis, Young Park, and Joe DiGangi taught me how they invest in real estate, negotiate deals, and shaped how I raise capital today.
My philosophy has always been to stay highly focused on our core clients and provide a white glove level of service. That means being extremely responsive, returning calls the same day, thoroughly underwriting on every assignment, and truly understanding both the real estate and the client’s objectives.
This is a high touch business. We’re not trying to be all things to all people; we’re focused on delivering the best possible execution for the clients we work with.
Hunneman is known for its in-house capital markets platform. How would you describe your team’s approach?
At Hunneman, we focus on the middle market segment of the commercial real estate space. Typically, we’re financing projects ranging from $5 million to $75 million, with a strong concentration in construction, lease up, and value add opportunities.
Over the years, our average deal size has been around $15 million, and what we’re most proud of is the consistency of our client relationships. Many of those relationships go back 20 years or more, which speaks to the level of service and execution we provide.
We take on the heavy lifting for our clients and stay involved throughout the entire process. In today’s market, certainty of execution is critical and that’s where we really focus our efforts.
You’ve been actively involved with the Real Estate Capital Alliance (RECA). Can you tell us more about that?
RECA has been an incredibly valuable part of our platform. It’s a national network of top-shelf, boutique capital markets professionals who all share a similar philosophy of being best-in-class advisors in our respective markets. Collectively we place over $3 billion a year, providing valuable relationships to our team here at Hunneman.
What makes RECA unique is the level of collaboration. We’re sharing market intelligence, capital provider relationships, and best practices across the country. These are some of the top producers in the industry and having access to that network allows us to provide our clients with insights and opportunities that a purely regional firm wouldn’t typically have.
It also gives us the ability to execute more effectively on transactions that require broader reach. We have weekly calls with national lenders and host a conference at the start of the year where we invite over fifty capital providers to meet with us and present how they are investing capital for the year.
What do you attribute your long-term success to?
Without question, it’s the relationships I’ve built over the course of my career with my colleagues at Hunneman, with the RECA network, capital providers, and most importantly, with my clients.
At the end of the day, my success is directly tied to the success of my clients. If we’re able to help them achieve their investment objectives by structuring the right capital solutions, then we’re a success.
This business is built on trust and consistency. It’s not about one transaction it’s about building long-term relationships where clients come back repeatedly. If we achieve this then we’re more than just a broker, we’re a trusted advisor.
You recently stepped down from a leadership role within RECA. What did that experience mean to you?
It was a great experience and something I’m very grateful for. Being in a leadership role within RECA as president for four years gave me the opportunity to collaborate even more closely with some of the top capital markets professionals in the country.
It reinforced the importance of information sharing and staying connected to what’s happening across different markets. That perspective is incredibly valuable when advising clients, especially in a market that’s constantly evolving.
What advice would you give to someone starting out in the industry today?
There’s no substitute for hard work- that’s the first thing I would say. You need to put in the time and really immerse yourself in the business.
That means being a consumer of information. Read everything: leases, loan documents, market reports, appraisals and take the time to truly understand how deals are structured.
But just as importantly, get out into the marketplace. Talk to people. Learn how clients think about real estate and how they make investment decisions. We’re fortunate to work with the smartest people in the industry both on the investor and capital side. Learn how they invest and be a steward of their capital.
If your goal is to become a trusted advisor, you must put your clients’ needs first. This business is about relationships and repeat business- not one-off transactions. If you focus on doing the right thing for your clients, the rest will follow.
What are you most proud of in your career?
It comes back to relationships once again. The friendships and long-term partnerships I’ve built over the years both with clients and colleagues are what I value most.
Those relationships are the foundation of everything we do and they’re ultimately what make this business so rewarding.
About Hunneman
Hunneman is New England’s premier, full-service commercial real estate provider. Since 1929, Hunneman has supplied leasing and advisory, property management, appraisal and consulting, capital markets, investment sales, and research and marketing services to its broad portfolio of clients throughout New England With over 16 million square feet of office, industrial, flex, multifamily, and retail properties under management, and $4.0 billion in sales across over 800 transactions, Hunneman is the largest independently owned firm in Boston. For more information and updates on Hunneman, visit www.hunnemanre.com, or follow along on LinkedIn, Instagram, X (formerly known as Twitter), and Facebook.
Media Contact
Mark Fallon
Director of Research &Strategy
mfallon@hunnemanre.com
(617) 457-3232
