Financing

Mortgage Advisory Committee

Each deal is subject to a rigorous review process and requires unanimous approval by the Fund’s Mortgage Advisory Committee. Once funded, the Fund Manager will regularly monitor the status of each loan and that of the borrower. Developing a strong relationship with the borrower is critical to the success of the loan and to becoming a borrower of choice in the future.


Pamela Spackman , Member of MAC

Pamela Spackman has been active in the commercial real estate finance sector since 1986. Most recently she was appointed to the board of directors for Gazit America Inc., a publicly traded company on the TSX focused on investment in entrepreneurial real estate opportunities. From 2000 – 2008, Ms. Spackman was President & Chief Executive Officer of Column Canada Financial Corp., a wholly owned subsidiary and the Canadian lending arm of Credit Suisse Group and Director at Credit Suisse. As Chief Executive Officer of Column Canada, Ms. Spackman directed the origination, structuring and securitization of commercial mortgage loans for Credit Suisse commercial mortgage-backed securities program.

Chris Humeniuk , Member of MAC

Chris Humeniuk is a member of the MAC. In 2002, Mr. Humeniuk co-founded CMSI along with Andrew Jones and has held the position of Managing Director from inception through to the present. Prior to co-founding CMSI, Mr. Humeniuk served as a mortgage broker at Canada ICI Commercial Mortgages (1999–2002), at ICI Mortgage Services Limited (1997-1999), and at Dominion Mortgage corporation (1995-1996). Mr. Humeniuk was also employed as an account manager by Forsgate, a private real estate lending and development company (1990-1995). Overall, Mr. Humeniuk has over 15 years of real estate and mortgage experience. Mr. Humeniuk is a graduate of the University of Western Ontario with a Degree in Economics.

Andrew Jones , Memebr of MAC

Andrew Jones is Vice President of the Fund and Chief Credit Officer of the Fund Manager. In 2002, Mr. Jones co-founded Canadian Mortgage Strategies & Investments (“CMSI”), a commercial mortgage brokerage firm with offices in Toronto, Montreal, Edmonton and Vancouver. Prior to founding CMSI, Mr. Jones served as Vice President, Canada ICI Commercial Mortgages Inc. (1999-2002) and also held the positions of Vice-President, Finance at Residential Equities REIT (1998-1999) and Vice-President Finance at Dundee Realty Corporation (1998-1999). Mr. Jones is also a Trustee of Timbercreek REIT and a Member of the MAC. Mr. Jones is a graduate of the University of British Columbia and has worked in the commercial real estate and mortgage business for over 15 years.

Ugo Bizzarri , Member of MAC

Ugo Bizzarri is a founding partner of Timbercreek Asset Management and holds the title of Chief Financial Officer, and Managing Director, Real Estate Investments. Mr. Bizzarri is also the Chief Financial Officer and Portfolio Manager for Timbercreek Mortgage Investment Corporation. Since the inception of the Timbercreek real estate funds in 2000, Mr. Bizzarri has directed the acquisitions of greater than $1.5 billion worth of Multi-Residential real estate for these Funds comprising of over 12,000 units across 10 cities. Mr. Bizzarri is responsible for broker negotiations, underwriting, and structuring the financing for all Timbercreek multi-residential acquisitions. Prior to founding Timbercreek, Mr. Bizzarri was in Portfolio Management at Ontario Teachers’ Pension Plan Board (“OTPPB”) where he played a leadership role in the strategic planning, corporate transactions / restructuring and property acquisitions for the Real Estate Group of OTPPB. Mr. Bizzarri has been involved as a negotiator and manager in approximately $20 billion worth of real estate transactions in the last ten years. Mr. Bizzarri is a graduate of the Richard Ivey School of Business and is a Chartered Financial Analyst.

Kenneth Lipson, Member of MAC

Ken Lipson is the Chief Financial Officer of TMDL Asset Management Inc, a developer and owner-operator of condominium, multi-Family apartments and senior living properties. Ken has 24 years of experience developing, building and leading asset management companies providing leadership in corporate finance, policy and strategy change, implementation of efficiency changes and improvements, as well as credit and risk management. He began his career joining Bramalea Limited at the age of 22, was the Founder of Hampton Realty Partners Limited and has continued to hold senior roles in several other asset-based ventures. Ken is a member of the Canadian Finance & Lease Association, Fair Rental Policy Organization, the Greater Toronto Apartment Association and a former Group Leader of the Young Entrepreneur’s Organization. He also is a former member of the Apartment Executive of the Urban Development Institute. Ken has a BA from the University of Toronto, as well as a MBA from the University of Western Ontario, Ivey Business School.

Contact Us:

Timbercreek Asset Management
1000 Yonge Street, Suite 500, Toronto, Ontario, Canada M4W 2K2