2026 Women in Commercial Real Estate: Kristen Freaso, King & Spalding

What was the most rewarding project or deal you’ve worked on in the past 12 months, and why? 

This year, I was advising a debt fund on the origination of a $115 million bridge loan secured by a mixed-use property in NJ and the subsequent pledge of that loan to our client’s repurchase facility. The property was subject to affordable housing credits, a condominium regime, a redevelopment agreement and a PILOT and there were multiple subordinate loans from affiliates and governmental agencies. We had to work collaboratively with our tax counsel to advise our client on the potential risks and mitigants and find a structure that worked for all parties.

What advice would you give to the next generation of women entering commercial real estate?

My advice to the next generation of women entering commercial real estate is to get comfortable being visible. Know the documents, understand the business deal, ask the extra question, and speak up even if it feels uncomfortable or you don’t feel 100% confident. This is an industry where relationships matter, but credibility compounds through consistency. Also, find mentors and sponsors, and then become one for someone else as soon as you can. The best opportunities often come when people trust your judgment under pressure.

What leadership lesson has made the greatest impact on your career?

The leadership lesson that has had the greatest impact on me is that clarity is a form of generosity. In complex financings, clients and teams move faster when the path forward is practical, concise and transparent. I try to lead by identifying the real issue, giving people ownership of their piece of the solution, and staying calm when timing is tight, especially on construction loans and workouts. That approach builds trust and helps everyone do their best work.

What trend or change in commercial real estate do you believe will have the biggest impact over the next five years?

Over the next five years, I think the biggest impact will come from the continued convergence of real estate debt, private credit and capital markets execution. Recent matters show borrowers and lenders using mortgage loans, mezzanine debt, repurchase facilities, note-on-note facilities and loan-on-loan structures to meet financing needs. The lawyers who can translate that complexity into certainty will add the most value, especially as assets refinance, transition or require new construction capital.