A loan restructuring is a negotiated change to the terms of an existing debt agreement—such as lowering the interest rate, extending the repayment schedule, reducing the principal, changing covet terms, or converting debt to equity—so the borrower can better manage payments and avoid default. Think of it like reworking the terms on a mortgage to make monthly payments more affordable. It matters to investors because restructuring alters a company’s cash flow, credit risk, potential recoveries for creditors, and can affect reported assets, liabilities, and ownership stakes.
structured financefinancial
Structured finance is a way of turning a group of financial assets — like loans, mortgages, or receivables — into new investment products by pooling them together and slicing that pool into pieces with different levels of risk and return. For investors, it matters because these products can offer higher yields or tailored risk exposure than plain stocks or bonds, but they can also hide complexity and sensitivity to the underlying assets’ performance, so understanding what you own is key.
capital structuresfinancial
The mix of ways a company raises money to run and grow its business, including owner equity (shares), borrowed funds (loans or bonds), and other obligations like preferred stock. Like a household choosing between a mortgage, savings, or a credit card, a company’s capital structure affects how much profit goes to owners, how risky the business is in tough times, and the company’s cost of funding — all key signals for investors assessing return and safety.
recapitalizationfinancial
Recapitalization is a deliberate change to a company's mix of debt and equity—how much it borrows versus how much is funded by shareholders—accomplished by issuing or repaying debt, buying back shares, or issuing new shares. It matters to investors because it alters the company's risk profile, potential returns and cash flow stability: increasing debt can amplify returns but raises the chance of financial stress, while adding equity can dilute ownership but lower default risk—like swapping between a mortgage and savings to reshape household finances.
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NEW YORK--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK) today announced the addition of Steve Klein to its Equity, Debt & Structured Finance team as Managing Director and Loan Restructuring Practice Lead.
"Steve's expertise in loan restructuring is precisely the kind of sharp, specialized capability that strengthens our platform," said Miles Treaster, President, Americas Capital Markets at Cushman & Wakefield. "His ability to work across asset classes and capital structures will benefit not only our capital markets clients, but also for the firm's landlord leasing and regional advisory teams nationwide."
In this role, Klein will oversee the firm's loan restructuring practice, focusing on identifying and executing restructuring solutions for distressed and transitional loan situations, positioning clients to preserve value and chart a clear path forward.
"Today's market presents unique challenges and opportunities, and the need for creative restructuring and recapitalization solutions has never been greater," Klein said. "I'm excited to join Cushman & Wakefield and build on the firm's strong capital markets foundation, delivering strategic guidance and tailored solutions that position our clients for long-term success."
Most recently, Klein founded Klein Real Estate Strategies, a boutique advisory firm focused on loan restructuring, asset management, equity recapitalizations, valuations and transaction execution. Previously, he served as Partner, Founder and Chief Investment Officer at three real estate private equity firms: Broadway Partners, JOSS Realty Partners and Brickman. There, he directed strategy and execution across acquisitions, capital markets, asset management and dispositions. Earlier in his career, Steve played a central role in SL Green Realty Corp.'s transition to a public real estate investment trust.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
