Stephen Klufas is a Managing Director in the Real Estate Investment Strategies (REIS) group at ORIX USA. He is responsible for supporting the development of bridge lending activity across the U.S. Stephen specializes in originating, underwriting, and managing real estate debt investments across all asset classes and debt structures, including permanent first mortgage loans, as well as bridge, structured, and construction financing. Throughout his career, he has underwritten over $30.0 billion of debt opportunities and has originated over $4.0 billion in loans since 2018. Mr. Klufas joined the firm in 2025 and is based in New York.
Prior to joining ORIX USA, Mr. Klufas was a Senior Vice President at Capital One where he was a Senior Relationship Manager in commercial real estate covering the New York and Philadelphia regions and served as the Accountable Executive for Capital One’s $3.0 billion national bridge to agency program. Stephen also spent 8 years at Barings with a focus on originating and underwriting structured and core real estate debt transactions, most recently as Managing Director of Originations and previously an underwriter for the U.S. real estate debt team.
Stephen holds a BA in Public Policy from Hobart and William Smith Colleges and an MBA with a concentration in Real Estate from the University of Connecticut.
