江北投资管理公司为原始商业房地产基金募集到1亿美元
文/王易见
清偿危机为新型投资基金的吸收和商业房地产债务的创立提供了机遇。
今天,江北投资管理公司宣布它已经启动了第一期商业房产私募基金,命名为 “江北Opportunity Partners”一期基金,资本总额为1亿美元。
在全球信贷市场处于混乱的情况下,这期基金将延续其投资策略。首先,这期基金将用于以一定的折扣购买商业抵押贷款债务,并建立第一期针对高端商业房产的按揭房贷。
“我们的团队认为,在信贷市场大规模错位的情况下,我们将有足够的潜力创造长期价值”。江北投资管理公司的联合创始人Jonathan Kaye如是说。“当前的经济压力已经致使类似商业住房抵押贷款证券这类金融资产大幅贬值。同时,由于资本的约束,很多传统的借贷者已经从商业房贷中退出,目的是为了获得更高的信用。”
“为抓住这些机遇,我们已经制订了灵活的策略,它允许我们或者收购或者组织以商业房产为导向的金融资产,同时极大的提升这些资产的价值;” Kaye继续说,“我们认为这只是打造商业房产资本市场投资平台做出的第一步。”
经验丰富的团队将能充分的利用机会
管理这支基金的团队是由经验老到的商业房产承销商、贷方和投资方组成。Mr. Kaye是一个拥有逾20年经验的商业房产金融行业的老手。之前,他曾作为GMAC的执行董事,在GMAC期间,他建立了这家公司在纽约的证券融资业务和结构性债务业务。另外,他还建立了伦敦的欧洲贷款业务部。在GMAC工作之前,Mr. Kaye供职于雷曼兄弟公司------汉诺威信贷商业银行的缔造者
Avery Egert, 作为这支基金的创始合伙人以及其投资管理委员会的一个成员,是“The Sovereign Group”的总裁兼首席执行官。The Sovereign Group掌管全国范围内1500万平房英尺的房产项目,范围从A类写字楼的建设到工业园区。在其职业生涯的早期,他管理着1200万平方公尺的家庭商业资产。
Jason Shukofsky,这支基金的合伙人,近来供职于Capmark财务公司,任高级副总裁和其保险部门的总经理。在Capmark,他掌管信贷审批权,管理着拥有25个专业人员和超过20亿交易额的保险部门。
Richard Cadigan,,另一个合伙人,是一个在结构化融资领域拥有10年经验的律师。在加入江北之前,Mr. Cadigan供职于德威资本管理公司,它管理一个从事结构化固定和浮动利率贷款业务的部门。德威资本管理公司是一家被瑞士联合银行全资拥有的一家对冲基金公司,在这之前,Mr. Cadigan也曾就职于GMAC。
原文:
North River Investment Management Raises $100 Million for Initial Commercial Real Estate Fund
Liquidity Crisis Provides Opportunity for New Investment Fund to Acquire and Originate Commercial Real Estate Debt
-North River Investment Management, LLC (“North River”) announced today that it has launched its first commercial real estate private equity fund, North River Opportunity Partners I, L.P. (the “Fund”), with $100 million of committed capital.
The Fund will pursue investment strategies designed to capitalize on opportunities created by turmoil in the global credit markets. Initially, the Fund will buy discounted pools of commercial mortgage debt and originate first mortgage and mezzanine loans on high-quality commercial real estate properties.
“Our team sees enormous potential to create long term value from the massive dislocation in the credit markets,” said Jonathan Kaye, Co-Founder of North River. “Current economic pressures have led to wide-scale devaluations of assets such as commercial mortgage-backed securities. At the same time, due to capital constraints, many traditional lenders have retreated from commercial mortgage financing, even for highly credit-worthy properties.”
“To seize these opportunities, we have devised a strategy that is flexible enough to allow us to either acquire or originate quality commercial real estate-oriented financial assets, while actively enhancing the value of those assets,” continued Kaye. “We view this as the first step in creating a long term platform for investment in the commercial real estate capital markets.”
Seasoned Management Team to Capitalize on Opportunities
The Fund is managed by a team of seasoned commercial real estate underwriters, lenders and investors. Mr. Kaye is a 20 plus-year veteran of the commercial real estate finance industry. Previously, he was an Executive Managing Director of GMAC Commercial Mortgage Corporation (“GMAC”), where he co-founded the firm’s New York-based securitized finance and structured debt business and established its London-based European debt operations. Prior to GMAC, Mr. Kaye held positions with Lehman Brothers, Manufacturers Hanover Trust and Chemical Bank.
Avery Egert, a Principal and Co-Founder of the Fund and a member of its investment committee, is President and Chief Executive Officer of The Sovereign Group, which owns and operates a real estate portfolio comprised of 15 million square feet of properties nationwide, ranging from Class A office building to industrial parks. Earlier in his career, Mr. Egert managed a 12 million square-foot portfolio of family-owned commercial and multi-family properties.
Jason Shukofsky, a Partner in the Fund, most recently served as a Senior Vice President and head of underwriting at Capmark Finance Inc., formerly known as GMAC. At Capmark, he held credit approval authority, managed an underwriting team of 25 professionals and underwrote and closed over $2 billion of transactions. Mr. Shukofsky began his career at PaineWebber Real Estate Securities.
Richard Cadigan, another Partner, is an attorney with 10 years experience in structured finance. Prior to joining North River, Mr. Cadigan was the manager of the transaction management team responsible for structuring fixed and floating rate loans at Dillon Read Capital Management, LLC, a hedge fund wholly-owned by Union Bank of Switzerland, AG. Prior to that, Mr. Cadigan also worked with GMAC.
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