Our Team

Executive Team

David Cohen


David Cohen is Calmwater Capital’s Chairman and a member of its Executive Committee.  He is also President and Chief Executive Officer of Karlin Asset Management, Inc. (“KAM”), a family office investment firm he co-founded in 2005 that manages approximately $2B.  KAM is a majority shareholder of Calmwater Capital.  Mr. Cohen has over 25 years of experience in principal investing in public securities, real estate, and private equity.  Mr. Cohen spent nearly a decade in senior executive positions with one of the largest private companies in the U.S. He also served as a Principal in a $16B alternative investment firm (acquired by Blackrock), and started his career as an investment banker and derivatives specialist at Lazard Frères & Co. in New York.  His academic background includes degrees from Cambridge University (MPhil., Finance), and Boston University (B.S., summa cum laude,Engineering), and graduate work at Sydney University as a Rotary Foundation Scholar (Engineering). Mr. Cohen serves in executive leadership roles or board positions with a variety of non-profit organizations in the areas of education, public policy, medical research and animal welfare.

Larry Grantham

Co-Founder & Senior Portfolio Manager

Larry Grantham is Calmwater Capital’s Portfolio Manager and a member of its Investment Committee. Mr. Grantham leads the day-to-day operations of the Firm’s real estate lending platform which includes origination, underwriting and asset management.    Mr. Grantham has over 20 years of financial services and investment management experience, including debt investing, real estate private equity, and structured finance.  Prior to joining the Firm in 2015, Mr. Grantham worked at Karlin managing their real estate lending platform since 2010.  Previously, he was director of a credit joint venture funded by Fortress Investment Group, responsible for sourcing, underwriting, and executing investments, including loan originations and purchases of non-performing loans secured by real estate and corporate assets.

Preceding the credit joint venture, Mr. Grantham was a principal with East Hill Management in Boston, serving as a long/short public equity and private equity analyst.  Prior to that, he was a principal with Cypress Tree Investment Management, a CLO manager, helping the company grow from $500 million to $4.3 billion in assets under management. Mr. Grantham graduated with a BA from Vanderbilt University. He is a member of the Turnaround Management Association, American Bankruptcy Institute and the Association of Corporate Growth.

Underwriting/Originations Team

Paul Slider

Director, Underwriting

Paul Slider is Director and Head of Underwriting at Calmwater Capital responsible for the structuring, underwriting, and execution of Calmwater’s capital placement opportunities.

Prior to joining Calmwater, Paul served as a Vice President at Cantor Commercial Real Estate responsible for the underwriting, structuring, and approval of west coast originated CMBS and balance sheet transactions. During his tenure he was selected by CCRE’s executive team to lead the development and deployment of an institutional-quality credit underwriting platform.  Previous postings include originations and credit focused roles at GE Capital Real Estate as well as Wells Fargo’s Real Estate Banking Group.  Mr. Slider has also served in the United States Air Force, where he deployed in support of Operation Iraqi Freedom.

Paul holds an M.B.A. from the Marshall School of Business at the University of Southern California and a B.S. in Finance from Regis University.

Jeremy Burton

Director, Originations

Jeremy Burton is responsible for the sourcing, underwriting, and execution of loan opportunities.

Prior to joining Calmwater in 2018, Mr. Burton was a Vice President at Garrison Investment Group in New York responsible for Garrison’s commercial real estate debt platform. While at Garrison Mr. Burton was also involved in the acquisition, underwriting, and asset management of $2B of non-performing CRE and C&I loans. Mr. Burton began his career in the commercial real estate banking group at Anglo Irish Bank in New York.

Mr. Burton received a BA in Economics with a minor in Business from the University of Colorado – Boulder.

Eric Jordan

Vice President, Fund Development

Eric Jordan is responsible for fund development and investor relations as well as the origination, underwriting and execution of opportunities for Calmwater Capital.

Prior to joining Calmwater in 2012, he was the Director of Acquisitions for Parallel Real Estate Advisors (PREA), a Los Angeles based real estate investment and advisory firm, where he carried out all phases of the acquisition process for various property types including retail, office, hospitality, multi-family and land development. Mr. Jordan began his career as a senior associate at PricewaterhouseCoopers where he performed audit and financial statement assessments for various real estate clients including Catellus Development Corporation (now Prologis), AMB Property Corporation, Maguire Properties and Stockbridge Capital Group.

Mr. Jordan has a bachelor’s degree in Finance from Santa Clara University, an M.B.A. and a Master’s degree in Real Estate Development (M.R.E.D.) from the University of Southern California and is a licensed real estate broker in California.

Tristine Lim

Vice President

Tristine Lim is primarily involved in underwriting and execution of financing opportunities at Calmwater Capital.

Prior to joining Calmwater Capital, he was responsible for sourcing and evaluating acquisition and development opportunities at Invest West Financial/Pacifica Hotel Company, a real estate investment firm based in Santa Barbara with over $500MM in hotels and commercial assets.  Mr. Lim has also gained experience in valuation and advisory services for hospitality assets while at PKF Consulting in Los Angeles after beginning his career with Hyatt Hotels.

Mr. Lim has a bachelor’s degree in hotel management from Cal Poly Pomona and an M.B.A. from UCLA Anderson School of Management, and is a licensed real estate broker in California.

Mike Giannone

Vice President, East Coast Originations

Mike Giannone is responsible for leading Calmwater Capital’s East Coast sourcing, underwriting and execution of loan origination opportunities.

Prior to joining Calmwater Capital, Mr. Giannone spent seven years with Revere Capital, a $500 million discretionary debt fund, as Vice President of originations, where he was responsible for sourcing, underwriting and closing new senior debt opportunities as well as the acquisition of non-performing loans secured by real estate. Mr. Giannone was also heavily involved in the asset management of the portfolio.  Mr. Giannone began his Real Estate career in 2007 at Cushman and Wakefield, Inc. as a leasing and sales associate in their Baltimore, MD office where he focused on the Mid-Atlantic industrial market.

Mr. Giannone grew up in CT where he currently resides.

John Zubak

Associate Vice President

John Zubak is responsible for the sourcing, underwriting and execution of loan origination opportunities within Calmwater Capital.

Prior to joining Calmwater in 2018, Mr. Zubak worked on the Investments team at CIM in Los Angeles, where he focused on the full life-cycle of structuring and executing both equity and debt transactions (sourcing, acquisition, asset management and disposition) completing over $500 million in transaction volume. John also worked in investment banking at Wells Fargo on the Consumer, Healthcare and Gaming team where he helped create the first gaming focused REIT (GLPI), as well as in M&A at Citadel Securities and Oppenheimer.

John received a B.A. in Finance and International Business from The George Washington University.

Ryan Altman


Ryan Altman joined Calmwater Capital in 2015 as an analyst for the fund development team.

Prior to joining Calmwater Capital, Mr. Altman worked for as a fund accounting oversight administrator for State Street Corporation.

Mr. Altman graduated with a B.Comm. in Accounting from Concordia University in Montreal, Canada.

Asset Management Team

Simond Lavian

Director, Asset Management

Simond Lavian is responsible for the management of Calmwater Capital’s portfolio. Mr. Lavian reviews loan agreements, promissory notes, deeds of trust, and other loan documents to track and enforce loan covenants and project progress deadlines. He also underwrites, reviews, and approves future funding requests and loan paydown/upsize opportunities. Prior to joining Calmwater Capital in 2014, Mr. Lavian was a Senior Analyst at Regence Holdings, where he worked closely with the principal to lead underwriting and due diligence for the company’s investment activities. Mr. Lavian demonstrated entrepreneurship in the early stage of his career by founding and operating a national print magazine publishing business, which he later sold to private equity investors. Mr. Lavian has a B.A. in Economics from York University in Toronto, Canada, graduating cum laude. He obtained an M.B.A. from The UCLA Anderson School of Management and a Juris Doctor from the UCLA School of Law. Mr. Lavian is a member of the State Bar of California.

Alvin Moralde


Alvin Moralde joined Calmwater Capital in 2015 to focus on asset management of the company’s debt portfolio. Prior to joining Calmwater Capital, Mr. Moralde was a Portfolio Officer in the Commercial Real Estate Banking group of East West Bank. At East West Bank, Mr. Moralde’s primary responsibility was the portfolio management of a $810MM multi-family real estate loan portfolio. In addition, he was also the servicing asset manager for a $425MM Fannie Mae multi-family real estate loan portfolio and sub-servicing asset manager of a $50MM commercial mortgage-backed security portfolio. Mr. Moralde graduated with a B.S. in Business Administration with an emphasis in Finance and a B.A. in Business Economics from California State University of Long Beach.

Huell Kim


Huell Kim joined Calmwater Capital in 2016 as an Asset Management Associate and is responsible for the management of the company’s portfolio.

Prior to joining Calmwater Capital, Mr. Kim was an AVP & Loan Officer at Hanmi Bank’s commercial lending center where he underwrote high threshold commercial credit requests for high net worth applicants.  Mr. Kim had also managed the Bank’s two largest loan relationships, for a total bank exposure of over $110 million.

Mr. Kim has a B.A. in History with a minor in Political Science from UCLA.

Legal Team

Dean Chang

General Counsel

Dean Chang provides legal counsel for Calmwater Capital on all aspects of the management of its real estate debt portfolio. Mr. Chang also coordinates the closing of new investments and retains and manages outside counsel as needed. Prior to joining Calmwater, Mr. Chang was Senior Director of Acquisitions and Legal Affairs at CityView, a Los Angeles based national real estate fund manager where he advised senior management on a portfolio of over 30 real estate projects. Mr. Chang started his real estate career as an associate at the law firm of Gibson, Dunn & Crutcher LLP where he represented lenders and institutional investors in commercial real estate transactions. Mr. Chang received his B.S. in Business Administration from the University of California, Berkeley and his J.D. from UCLA School of Law, where he graduated Order of the Coif and was an editor of the UCLA Law Review. Mr. Chang also clerked for the Honorable Judge Ronald S.W. Lew of the United States District Court for the Central District of California.

David Magruder

Legal Assistant

David Magruder joined Calmwater Capital in 2017 as a legal assistant under the general counsel.  Prior to joining Calmwater Capital, Mr. Magruder worked as the legal assistant and office manager at a boutique real estate litigation law firm in downtown Los Angeles.  There he oversaw all aspects of the litigation practice and office administration.  Mr. Magruder received his B.A. in English from the University of Southern California.

Accounting Team

Eve Chan, Chief Financial Officer — Calmwater Capital

Eve Chan

Chief Financial Officer

Eve Chan is the Chief Financial Officer for Calmwater Capital.  She is responsible for managing all aspects of the financial operations of the company.   Prior to joining Calmwater Capital, Ms. Chan was a Senior Vice President at TCW where she managed the financial reporting of various hedge and private equity funds.  Prior to TCW, Ms. Chan was a Vice President at Pacific Investment Management Company and the Controller of a Los Angeles based private equity firm with over $6 billion in asset under management.  Ms. Chan started her career as an auditor with PricewaterhouseCoopers.

Ms. Chan received a Bachelor of Commerce from the University of Toronto with majors in Accounting and Economics.  She is also a Chartered Professional Accountant.

Ashley Zhang


Ashley Zhang is the Controller for Calmwater Capital, where she is responsible for the company’s distressed debt accounting and reporting functions.  Prior to joining Calmwater Capital, Ms. Zhang was an Accounting Supervisor at Castle & Cooke, Inc., where she assisted in debt and sales compliance, corporate audits and was responsible for corporate consolidations for companies worth approximately a combined $2B in assets.  Before joining Castle & Cooke, Inc., Ms. Zhang was a Financial Analyst at Sony Pictures where she was responsible for budgeting and forecasting for the Mobile Entertainment, Wireless Division.  Ms. Zhang has over 10 years of accounting experience and has earned her bachelor’s degree in Business Economics from the University of California, Los Angeles with a minor in Accounting and is a Certified Public Accountant.

Claire Liu

Senior Accountant

Claire Liu joined Calmwater Capital in January 2016 as a Senior Accountant. Her job duties include maintaining/balancing the general ledger accounts, providing quarterly debt compliance reporting packages, supporting year-end audits, and monitoring the proper administration of all loans. Before joining Calmwater, Ms. Liu worked as a Staff Accountant at Wolfsdorf Rosenthal LLP (a Boutique Immigration Law Firm) where she performed daily accounting duties and revenue analysis/reporting functions. Ms. Liu has additional accounting/financial experience with Apogee Electronics and Marcus & Millichap Commercial Real Estate Investment Services. Ms. Liu received her M.A. Degree in Economics from University of Southern California and her B.A. Degree in International Economics & Trade from South China University of Technology. She also holds an Accounting Certificate from UCLA Extension and has passed four parts of the uniform CPA Exams and CFA Exam (Level I & II).

Deborah Yasharel

Senior Accountant

Debbie Yasharel is responsible for all facets of day to day accounting functions as well as performance measurement and reporting of multiple operations at Calmwater Capital. She also plays a lead role in spearheading semi-annual agreed upon procedures, year-end audits, and tax engagements. Since its inception, Ms. Yasharel has served as the accountant for the loan portfolio division where she expertly maintains a strong understanding of each loan status and works hands on with external servicers to ensure proper administration of all loans.

Ms. Yasharel holds a Bachelor of Science in Accounting from the University of Southern California and is a Certified Public Accountant.

Ariella Baharvar


Ariella Baharvar joined the accounting team at Calmwater Capital in 2015.

Prior to joining Calmwater, she was at The Carlyle Group as an administrative assistant, where she worked alongside their accounting department and equity team.

Ms. Baharvar graduated with a B.S. in Finance from the California State University, Northridge.

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