LARRY L. HICKS


Larry has over 30 years of extensive experience in due diligence, underwriting, valuation and risk management of commercial real estate and mortgage debt assets. He has held senior positions in the functional areas of acquisitions, asset management, portfolio management and third-party investment advisory. Prior to joining SMSA in 2014, he spent 14 years with Amresco/Lend Lease Real Estate.  At Amresco, he initiated and led the CMBS investment platform that acquired over $625 million in subordinate real estate securities.  While at Lend Lease he was Head of U.S. Public Debt Advisory, in charge of the investment management of $2 billion of institutional client capital invested in real estate securities. A prominent B-Piece investor; Larry was responsible for the due diligence and acquisition of “first-loss” CMBS bonds from 22 securitizations.  After Amresco/Lend Lease, he spent several years as Chief Credit Officer/Head of Underwriting Services for a real estate finance and due diligence consulting firm. During his tenure, Larry oversaw the re-underwriting of over 1,200 real estate loans for numerous CMBS B-piece investors, and on behalf of investment bank clients his team provided a wide range of in-depth financial analyses on real estate loans and highly structured debt assets.  Following this role, he joined ING Investment Management as Senior Portfolio Manager - Head of CMBS, overseeing the management of a $10 billion CMBS portfolio.  For the past several years Larry has been an independent consultant delivering an array of real estate and CMBS due diligence, underwriting and valuation services for his clients. Larry holds Bachelors and Masters Degrees in Business from Texas Tech University.





kathy row


Kathy has over 25 years of commercial real estate experience ranging from commercial loan underwriting, CMBS due diligence, bond valuation, and commercial appraisal review.  Clients have included JP Morgan Chase, Orix Capital Markets, and Royal Bank of Canada. Prior to joining Susan M. Smith Advisory Services in 2010, Kathy performed underwriting services for the aforementioned clients specializing in large loans and portfolio analysis.  As a Senior Underwriter for JP Morgan Chase, Kathy managed an underwriting team and successfully underwrote over $1 billion in loan transactions.  Kathy previously spent four years with Key Bank Commercial Real Estate as an Underwriter and Securitization Liaison.  In that capacity, Kathy oversaw 12 securitizations totaling approximately $3.3 billion.  Kathy also worked as a Due Diligence Team Leader and Underwriter for PNC Bank, again specializing in large loans and portfolio analysis.  Kathy received a BS in Economics from the University of Iowa and was a Masters Candidate in Economics at Stanford University.

WEndy Milman, MAI, AI_GRS


Wendy has been actively involved in the Real Estate profession since 1983 and has been engaged in commercial real estate appraisal, review, market analysis, and eminent domain proceedings.  Prior to joining Susan M. Smith Advisory in 2015, Wendy was employed by National Valuation Group for five years where she reviewed complex properties for national special servicers.  She worked for several appraisal firms in the Austin, Texas area, and her experience included appraisal valuation, consulting, and feasibility assignments for all property types.  Wendy received a B.A. and an M.B.A. from the University of Texas at Austin.  She is a Certified General Appraiser in Texas.  Wendy holds the Member (MAI) and General Review Specialist (AI-GRS) designation in the Appraisal Institute.





Susan M. Smith, MAI, AI-GRS, CCIM


Susan has over 30 years in commercial real estate loan underwriting/production, CMBS due diligence and appraisal review.  For the past five years, Susan has managed Susan M. Smith Advisory Services, LLC, an appraisal review firm.  Susan manages the bid and engagement process, workflow and quality control of the appraisal reviews.  Prior to forming the current firm, Susan performed due diligence on CMBS loan pools for Arcap/Centerline, originated bridge and mezzanine loans for National Realty Funding, was co-owner of a commercial real estate mortgage banking firm in Kansas City, arranged long term financing for Kroh Brothers Development Company and worked for Principal Financial, both in Des Moines, Iowa and Overland Park, Kansas.  In Des Moines, she originated first mortgages for the Commercial Real Estate Investment department.  In Overland Park, she worked for Principal Commercial Advisors acquiring mortgages on the secondary market and structuring bridge and mezzanine loans.    Susan holds a B.S.B.A. in Finance and Banking from the University of Missouri and an M.B.A. from the University of Missouri – Kansas City along with the MAI, AI-GRS and CCIM designations.  Susan is a Certified General  Appraiser in Kansas, Illinois, Missouri and Arizona.

Linda rushing, mai, ai-grs


Linda has over twenty-five years of experience in the commercial real estate industry ranging from appraisal review, commercial property appraising, loan production and underwriting, property accounting, management and market analysis.  Prior to joining Susan M. Smith Advisory in 2012, Linda was a Vice President in CBRE’s Valuation and Advisory Group in Washington DC for 10 years and performed assignments of investment grade assets spanning a wide variety of properties and markets, including office buildings, industrial properties, datacenters, medical office buildings, automotive dealerships, retail centers, self-storage facilities, apartment buildings and land throughout the Washington DC and Baltimore metropolitan areas. Linda also spent 5 years with Grandbridge Real Estate Capital underwriting commercial loans and 2 years with The Mitchell Company serving as Commercial Property Accounting Manager.  Linda holds a Bachelor of Business Administration in Finance from Radford University.  Linda is a Certified General Appraiser in Maryland, South Carolina, Georgia  and Virginia. Linda holds the Member (MAI) and General Review Specialist (AI-GRS) designation with the Appraisal Institute.


linda M. vincent, mai, AI-GRS, MRICS


Linda has over 15 years of appraisal, appraisal review, and consulting experience for clients in the United States and Puerto Rico. Her valuation experience includes institutional portfolio and property-level appraisal, appraisal review, and consulting assignments for all major property types including retail, office, industrial, multifamily, land development, lodging, special-purpose, mixed-use, and unimproved land and has been a Jackson County, Missouri expert valuation witness. Her functions have included client development, review and supervisory review services, appraisal management services, process development, and template development. She was a senior member of the valuation staff of CB Richard Ellis, Inc., Bliss Associates, LLC, and Integra Realty Resources. Linda is a Member of the Appraisal Institute (MAI (Member) and AI-GRS (General Review Specialist), a Member of the Royal Institution of Chartered Surveyors (MRICS), and holds active Certified General RE Appraisal licenses in the Commonwealth of Virginia and the States of Maryland, Missouri, Kansas, and Illinois. She has served as a monthly consultant for the Washington, D.C. Chapter of the Appraisal Institute’s monthly e-newsletter and was editor and Public Relations Chairperson of the Kansas City Chapter of the Appraisal Institute’s quarterly newsletter. She attended the Leadership Development Advisory Council (LDAC) sponsored by the Appraisal Institute in Washington, D.C. Linda received of Bachelor of Science in Mathematics from Wichita State University.


our team

 celia richey, esq.


Celia began her career in banking in Detroit (1984-1988) and Kansas City (1988-1994), working her way to Vice President of Boatman’s First National Bank of Kansas City in 1994. She then moved to underwriting and structuring securitized commercial real estate loans for Midland/PNC Bank (1994–1997) and National Realty Funding/Key Commercial Mortgage (1997-2001).  Celia closed over $334MM in loans in a three year period.  From 2001 to 2008 Celia was involved in due diligence and financial analysis of commercial real estate assets, first as an independent consultant and then as an employee of ARCap/Centerline, a major CMBS B Piece buyer.  With the change in the CMBS market in 2008, Centerline asked Celia to move to their Affordable Housing unit to resolve issues in their portfolio of tax credit equity investments and tax-exempt bonds.  In 2011 Celia re-established her independent consulting business and does commercial real estate loan underwriting and appraisal review.  Celia holds a B.S.B.A. in Business Administration-Marketing from the University of Missouri, an M.B.A in Finance from Washington University in St. Louis and a J.D. from the University of Missouri Kansas City.  She is a licensed attorney in Kansas.


Carter Sechrest, MAI, AI-GRS, CCIM


Carter has over 25 years of commercial real estate experience in valuation and appraisal review, mortgage asset management, whole loan and mezzanine loan underwriting, and CMBS acquisitions with leading national real estate investment management and valuation advisory firms.  Prior to joining Susan M. Smith Advisory in 2012, Carter was a Senior Vice President and Partner of Quadrant Real Estate Advisors, LLC, a SEC Registered investment advisor with over $6.3 billion of commercial and multi-family real estate assets under management.  During his 6 years with Quadrant, Carter was responsible for the mortgage asset management and annual valuation of a $1 billion portfolio.  Prior to joining Quadrant in 2006, Carter was a Senior Vice President of GMAC Institutional Advisors, LLC where he specialized in CMBS acquisitions (BBB through unrated bonds) and whole loan underwriting.  Prior to joining GMAC Institutional Advisors, LLC in 2001, Carter was a Vice President in the Debt Advisory Group at Lend Lease Real Estate Investments, Inc.  During his 6 years with Lend Lease, Carter was responsible for valuations, whole loan and mezzanine loan underwriting, and CMBS acquisitions.  Prior to joining Lend Lease in 1996, Carter was a Senior Appraiser with Cushman & Wakefield for 4 years and was Vice President and Branch Manager for Pederson & Trask, Inc., a regional appraisal firm located in South Florida.  Carter has been active in the appraisal and real estate investment industry since 1986.  Carter has a B.S.B.A. in Marketing from the University of Florida. Carter is a Certified General Appraiser in Georgia, Washington and California.

 jennifer a. crotty, mai


Jenny has more than 22 years of real estate experience including over 10 years of delivering commercial real estate appraisal services. Her valuation experience includes institutional portfolio and property-level appraisal, appraisal review, and consulting assignments for all major property types including retail, office, industrial, multifamily, land development, lodging, special-purpose, mixed-use, and unimproved land and providing expert valuation testimony. Since 2007, her primary focus has been in providing appraisal reviews for significant clients with assets spanning the US.  Jenny has specific expertise with distressed assets and consulting on property workout and restructure. She has held senior asset management positions with Nomura Securities International, Morgan Stanley, and The Related Companies.   In addition to valuation experience, Jenny has extensive loan restructuring, loan re-underwriting, asset disposition, and acquisition experience.  She holds the MAI designation and an active certified general appraisal license in Connecticut.   Jenny received a BA from the College of William and Mary.