A THIRST FOR LEARNING

BY NATHALIE SAVARIA, JOURNALIST

Her career path, which spans more than 30 years, is proof that talent and boldness, combined with opportunities, make for great careers. Meet the Senior Vice-president and Co-Head, Debt Capital Markets at JLL Canada.

Initially, there was nothing to suggest that Alison Chave, who left her native Britain to settle in Québec, would embark on a career in commercial real estate.

From Literature To Real Estate

In fact, it was literature and French and English linguistics that Alison Karen Chave, from Bath in southwestern England, studied at the University of Portsmouth.

Once she had her degree, she followed her instincts and desires rather than a specific strategy, and took an initial plunge into real estate by responding to a job offer in the Sunday Times for an entrylevel position in real estate valuation. She had no experience but was determined. She applied and convinced the owner of the firm to hire her, after which she moved to London and began her apprenticeship.

Her boss proved to be a true mentor to her. "I went everywhere with him. He would describe everything and I would take notes," she recalled with a smile. Thanks to him, she completed a second Bachelor's degree in property management at the University of West London. At work she did everything from leasing to sales to property management, even becoming manager of a small shopping centre in the north of England.

From One Continent To Another

It was with that background that the young Englishwoman arrived in Québec City, where she had previously spent time perfecting her French while taking her first degree.

Alison Chave met the owner of a valuation office in Quebéc City that had established a partnership with another office in England. In addition to offering her a position, he helped her make the transition to a new career. While integrating into her new home, she completed a certificate in urban and real estate management at Laval University, which allowed her to obtain the title of certified appraiser.

Qu Bec City To Montr Al

In 1995 she moved to Montréal where she met Pierre Goudreau – the current president of the Québec Order of Certified Appraisers – who became not only a mentor but also her husband.

She spent her free time in Montréal getting the lay of the land of the island city and its North Shore and South Shore, covering the city from top to bottom, much like she did in London, where she systematically visited all the Tube stations! "You can't do real estate if you don't understand the neighbourhoods," she said.

From Valuation To Financing

It was while drafting valuation reports for a vicepresident at Desjardins that a new opportunity came her way. Although she had no experience in financing, Jacques Aubry, another of her mentors, saw her potential and entrusted her with increasingly complex files. "He pushed me to learn all the financing structures available, even to the point of working on projects worth over $100 million."

Those skills came in handy during her first sojourn at the Caisse de dépôt et placement du Québec, before returning to Desjardins as director of institutional financing from 2003 to 2010. That was the year she returned to the Caisse as director of portfolio management, Real Estate Financing

Ever driven by her thirst for learning, she took courses in bank risk management, which, by chance, led her to Otéra Capital the following year. The then President and Chief Executive Officer Raymond McManus, another of her mentors, gave her the position of vice president and head of risk management, which she held from 2011 to 2014.

Commercial Mortgage Broker

Alison Chave then ventured into the realm of mortgage brokerage financing, obtaining her certification in 2015 and taking the risk, once again, of leaving her comfort zone.

The following year she joined CBRE as associate vice-president, finance and operations, Capital Markets Financing. It was a major change for someone who had always had an employer, especially in an institutional setting, and who now worked on commission. "The returns can be high, but the risk is very high," she noted. She met the challenge with flying colours, participating in major transactions and arranging multiple acquisitions and refinancing during her time at CBRE.

Arrival At Jll

In 2017 Brett Miller, then CEO of JLL Canada, hired this high-calibre, multi-talented professional to launch the Canadian capital markets division.

In Expansion Mode

The vice-president, Capital Markets Financing, is now focused with her team on building the platform and getting results. "Our growth in the volume of loans solicited has increased year after year very, very strongly, and we are in expansion mode, keen to have other members join either the team in Toronto or the Montréal team. And we'd also like to open an office in Vancouver."

Appointed in 2023, Alison Chave is the senior vicepresident and co-head, Debt Capital Markets. At the same time, in order to improve her skills and keep abreast of current trends, she obtained certification in green and sustainable financing in June 2022 from the Chartered Banker Institute.

"Elsewhere in the country, it's normal to do business with a mortgage broker. In Québec it's still very relational, in the sense that a homeowner will say, 'I've been doing business with my lender for a long time. I don't want to offend him with a broker. But things are starting to change. [...] Over the past five years people have become increasingly aware of the added value that a commercial mortgage broker brings to the transaction."

– Alison K. Chave

A New Challenge

One of the challenges that Ms. Chave and her team face is breaking into the commercial mortgage brokerage business in Québec. "Elsewhere in the country," she said, "it's normal to do business with a mortgage broker. In Québec it's still very relational, in the sense that a homeowner will say, 'I've been doing business with my lender for a long time. I don't want to offend him with a broker. But things are starting to change. [...] Over the past five years people have become increasingly aware of the added value that a commercial mortgage broker brings to the transaction."

Eyes On The Market

As for the current capital market, she sums it up this way. "It's very volatile right now and the market is taking a bit of a breather, especially with institutional investors. The rising cost of financing has put pressure on real estate values. This is a great opportunity for private buyers who were on the sidelines. Expectations are that the market will pick up in the third or fourth quarter of 2023, depending on inflation and a possible recession."

The Impact Of A Gesture

Alison K. Chave confided that her governance experience when president of CREW Montréal allowed her to develop her leadership skills. It was Margarita Lafontaine, an influential woman in Montréal commercial real estate, who pushed her to become President of CREW.

Aware of and grateful for the help she received throughout her career from people who believed in her potential, she makes a point of helping others whenever she can. "Never underestimate the impact that even the smallest gesture can have."