Commercial Real Estate

The goal of WaterStone’s Commercial Real Estate Division is to add value to our customers by providing them with a unique banking experience… all the time, every time. Why is this our goal? Because adding value to customers is the true essence of relationship banking.

On this journey, we will be guided by our unwavering commitment:

To be the premier, relationship focused, provider of real estate debt products in the markets we serve while also maintaining the highest quality ethical, procedural, and credit standards.

Our banker’s unique combination of financing acumen and real world experience positions us to provide our customers with advice and a perspective like no other bank in the market can provide. This allows WaterStone to better craft the products and services it offers while also becoming a more integral member of our customer’s team.

We encourage you to learn more about our people, products and services and how WaterStone Bank can add value to your next Commercial Real Estate project.

Commercial Lending Experts

Joe Mudlaff

Vice President – Director of Commercial Real Estate

Joe Mudlaff joined WaterStone Bank in 2018, bringing more than 20 years of experience in commercial real estate. Prior to joining WaterStone, he served as Vice President – Investment Real Estate at Bank Mutual in Brookfield, Wisconsin.

Joe received a MBA with a focus in Finance from Marquette University and a BBA in Real Estate and Finance from the University of Wisconsin – Madison.

He is a member of the Commercial Association of REALTORS Wisconsin (CARW), National Association for Industrial and Office Parks (NAIOP) and Wisconsin Real Estate Alumni Association (WREAA). He also volunteers with JFS Housing Inc. and Bavarian Soccer Club and serves as a mentor for University of Wisconsin-Madison’s Real Estate Program.


Kenneth A. Snyder

Vice President - Commercial Real Estate Lender

Ken Snyder has served as Vice President of WaterStone Bank since 1998. He has held his current position as Senior Commercial Loan Officer since 2006. Prior to his move into the commercial real estate department, Ken was the Head of the Lending Division where he oversaw the mortgage origination, loan processing, post-closing, and mortgage servicing departments.

Snyder began his banking career in 1986 as a teller at the Oak Creek office. Shortly thereafter, he was promoted to positions in the mortgage servicing department and the delinquent loans department. He joined the lending department in 1990 as a mortgage loan officer. In 1994, he was promoted to Oak Creek Branch Manager and Assistant Vice President.

Snyder is active in community and professional organizations including Kiwanis, the Greater Milwaukee Association of Realtors, and the Metropolitan Builders Association.


John McCarty

Vice President – Commercial Real Estate Lender

John M. McCarty, CFA joined WaterStone Bank as Vice President Commercial Real Estate in 2013. He has more than 25 years of experience in commercial lending and investments. Prior to joining WaterStone, he held the position of Vice President – Commercial Real Estate Lending (2005-2013) at North Shore Bank in Appleton and Brookfield, Wisconsin.

John received a Master’s of Business with a focus in Real Estate from the University of Wisconsin – Madison and a Bachelor’s Degree in Business Administration from the University of California at Berkley.

As a vested member of the community, John is Vice President and Board Member for Midwest Affordable Housing Corporation. He is also a member of the Milwaukee Chapter of the CFA Institute, Wisconsin Real Estate Alumni Association and Multi-Family Committee of the Brown County Homebuilders Association.


Paul Muldoon

Vice President – Commercial Real Estate Lender

Paul has over 25 years of experience working in multi-family lending and commercial investments and development. He has financed over $3.5 billion in multi-family loans, including market rate/conventional, affordable, student and senior housing deals throughout the Midwest.

Paul joins WaterStone Bank from Johnson Capital, where he specialized in mortgage banking and brokerage. Prior to this position he was a Senior Loan Specialist at Freddie Mac for 12 years, where he structured loans and managed production for the Upper Midwest region. Local industry affiliations include MHA. Paul earned his M.S. and B.B.A. at The University of Wisconsin - Madison.

As a vested member of the community, Paul is a Board Member of the Orono Youth Hockey Association, Den Leader-North Star District Boy Scouts, and active member of Minnesota Multifamily Housing Association and Wisconsin Real Estate Alumni Association.


Julie M. Fay-Krivitz

Vice President – Commercial Real Estate Lender

Julie M. Fay-Krivitz came to WaterStone Bank in January 2011, bringing more than 12 years of experience in the commercial and residential lending fields. Prior to joining WaterStone, she held the position of Lending/Loan Officer for JPMorgan Chase Banking in Pewaukee, Wisconsin (2010-2011).

Julie received her Associate’s Degree in Real Estate Property Assessment and Appraisal from Waukesha County Technical College in Pewaukee, Wisconsin. In addition, she is a licensed real estate broker and certified residential appraiser for the State of Wisconsin.

In addition to her experience in the banking and real estate industries, Julie currently teaches courses in mortgage banking and property management at Waukesha County Technical College.

As a vested member of the community, Julie is actively involved with the athletic programs and booster clubs for Stone Bank School and Arrowhead Union High School. She also regularly volunteers for the Literacy Council of Greater Waukesha.


Michael C. Stover

Vice President – Commercial Real Estate Lender

Michael Stover came to WaterStone Bank in May 2017, bringing more than 14 years of experience in commercial lending and commercial real estate. Prior to joining WaterStone Bank, he held a position of Vice President – Commercial Banker at Westbury Bank in Hartland, Wisconsin. He also worked in the REIT industry prior to his career in commercial lending.

Michael has a Bachelor’s Degree in Real Estate and Urban Land Economics from the University of Wisconsin – Madison School of Business. He is skilled in loan origination of all assets types, various loan structures, and market analysis.

Michael is active in professional organizations including the National Association of Industrial and Office Properties (NAIOP), Commercial Association of Realtors Wisconsin (CARW), and Waukesha County Business Alliance (WCBA).


Our vast experience allows us to quickly identify the risks within a transaction so we can fashion a structure which mitigates those risks while also fulfilling the customers’ need for a competitive financing package.

Our preferred loan size is between $500,000 and $5,000,000 with the ability to provide relationships with up to $20,000,000 of financing.

Acquisition/Development/Construction Loans

Interest only facilities ranging in maturity from 12-24 months. Rate can be either floating over prime or fixed at a spread over the Libor Swap Curve. Multiple draws will require third party inspections funded through a title company escrow.

Interim Financing - Multi Family

Multi Family – A 10 year facility combined with a 3 or 5 year rate lock with loan-to-values up to 80% with amortizations up to 30 years. After the lock expires, the rate will re-set, annually, at a spread over LIBOR rates with appropriate floor rates.

Interim Financing - Commercial/Healthcare

Commercial/Healthcare – 3-5 year balloon facilities with rates fixed at a spread over the LIBOR Swap curve for the entire term of the facility. Loan-to-values’s up to 75% with amortizations up to 25 years. Certain credit tenant transactions may qualify for higher LTV’s and longer amortizations.

REO Financing

Specialized rates and terms can be provided for those purchasing a bank owned property from WaterStone Bank.

Letters of Credit

Certain transactions require the posting of Letters of Credit to secure the performance of the developer/owner. WaterStone has the capability to underwrite and provide these facilities.

Deposit Products/Treasury Management

Full line of deposit products and Treasury Management solutions to help manage the inflow and outflow of cash. Merchant Check Capture is a great solution for owners of multiple properties spread out over a wide area.


If you are interested in making an application for credit, please download and complete the following documentation. If you have a Personal Financial Statement already completed on a different form, please download WaterStone’s form, write "See Attached" across the face, sign & date and include with the completed statement.

In addition to these documents we will also require the last 2 years tax returns for the Borrowing entity and/or all individuals who will be guaranteeing the proposed facility (complete copies including all schedules and K-1’s).

We also require a recent rent roll and copies of all leases (commercial properties only). For construction loans we will also require an outline of budgeted costs.

Useful Forms:

Personal Financial Statement (PDF)
Schedule of Owned Real Estate (PDF)
Business Purpose Statement (PDF)