With an investment track record spanning nearly four decades and three major CRE investment cycles, including serving as a Senior Partner and Risk Management and Underwriting lead at H/2 Capital Partners through the GFC, Mr. Ahl has extensive expertise with complex credit and equity investments, financial restructurings, risk management practices and investor communications.
He currently advises investors in institutional scale real estate assets, including private investment platforms, family offices and high net worth LPs, among others, on investment feasibility, restructuring, risk management, governance and related matters. His advisory work targets CRE markets/opportunities involving operating businesses, portfolios and/or distinct assets in various forms of transition. Notably, he advised on the recapitalization of a secured, fund level financing on behalf of a private equity platform totaling several hundred million dollars of financing proceeds.

Mr. Ahl joined H/2 Capital post inception and helped build the firm into a multi-billion dollar CRE opportunistic credit investment platform. As a member of the Executive and Investment Committees and Chair of the Risk Management Committee, following his work helping the founder launch and build the initial phase of the firm’s investment program, he ultimately assumed leadership of underwriting and risk management. During his tenure, he participated in the oversight of investment and risk management teams, developed and oversaw underwriting and risk management frameworks and also assumed a senior role in fund formation and investment strategy and execution, as well as LP investor relations and communications.

Throughout his career, Mr. Ahl has originated, underwritten, structured, financed, risk managed and/or liquidated investments across the full capital structure of the CRE asset ownership spectrum. His private credit transaction experience includes senior secured loans originated by banks, insurance companies, private lenders and/or direct senior/subordinate loan interests in structured credit markets (CMBS, CLOs, etc.), subordinated debt, including B notes and mezzanine debt, corporate debt, preferred equity and, common equity, consisting of control/non-control ownership interests in operating businesses, asset portfolios and individual properties. Mr. Ahl’s property level expertise as both an equity and credit investor spans most property categories with a specific focus on office, hospitality, retail, industrial, multifamily, mixed use, land and healthcare real estate located in most primary and secondary US markets.

Peter’s distressed investment track record includes structuring and implementing financial restructuring processes and resolutions involving the execution of different enforcement mechanisms and rights specific to a broad variety of investment instruments and capital structure complexity, varying legal jurisdictions, etc. At H/2, he participated in the creation and management of Strategic Asset Services LLC, a rated special servicer created to manage stressed or distressed CRE loans on behalf of a broad range of bondholders and investors.

Previously, Mr. Ahl served as a Partner and Executive Vice President at Northstar Capital Partners, a private equity firm, and Partner in AEW Capital Management’s opportunistic equity investment vertical where he primarily originated, structured and managed equity interests on behalf of institutional investors. Notable transactions included, among others, the recapitalization of a mid-market publicly traded office REIT, the acquisition, management and eventual liquidation of a pool of mid-sized non-performing mortgage loans and real estate-owned (REO) assets from a large US bank with a total face value exceeding $330 million and a growth equity, control investment in the largest commercial real estate developer in the western US at the time of the investment.

Peter began his career at First National Bank of Boston where he assisted in underwriting and structuring corporate debt instruments and commercial real estate mortgages and developed expertise in credit analysis, financial modeling, corporate finance, cash flow assessment and enterprise (asset) valuation.

Mr. Ahl has served as a director on various corporate boards and is a recurring guest lecturer in business and finance at Middlebury College where he earned a Bachelor of Arts degree.