SUMMARY
Senior real estate loan and investment executive with more than 35 years experience in real estate investment, financing, asset management, workouts, asset repositioning, bankruptcy proceedings, and dispositions. Seeking senior executive or consulting assignment in property or debt investment or asset management.
Relevant experience includes:
Workout and Restructuring Strategies Acquisitions and Dispositions
Credit and Portfolio Management Venture Formation
Project Management Financing
EXPERIENCE
ASSET MANAGEMENT CONSULTANT, Darien, CT 2006 to Present
Provided loan workout advice and expertise to major German bank for US condominium construction loan portfolio totaling $150 million in syndicates totaling $1.1 billion involving more than 3,000 units, resulting in significant principal recoveries:
o Recovered full principal and interest on $177 million syndicated loan through management of unit sale prices and sale of loan balance to mezzanine lender;
o Negotiated settlements with borrower, guarantor, mezzanine lender resulting in deed-in-lieu for 1,273 unit project and implementation of successful sales strategy;
o Negotiated consensual Plan of Reorganization in Chapter 11 bankruptcy proceeding for 849 unit project, resulting in deed-in-lieu agreement and note sale of $215 million syndicated loan;
o Acquired mezzanine note at steep discount to protect senior loan position on 200 unit project and initiated UCC foreclosure resulting in senior and mezzanine note sale.
Oversaw and directed review and critique of workout procedures for Puerto Rican financial institution for $250 million non-performing real estate loan portfolio.
Acted as expert witness in asset management fraud litigation.
WELLSFORD REAL PROPERTIES, INC., New York, NY 1997 to 2006
Publicly traded real estate merchant bank whose assets under management peaked at $3.5 billion.
Vice President and Managing Director
Reported to CEO. Led and managed team in equity (including office, industrial, retail, single family properties) and fixed income (including mezzanine loans and CMBS) investments and asset management.
Transacted multiple mezzanine loans ranging in size from $5 million to $34 million with underlying property and collateral consisting of office, industrial, residential condominiums, and REIT operating partnership units:
o Unleveraged IRR yields ranged from 15% to 28%;
o Worked out and restructured $34 million construction loan resulting in full recovery and 15% unleveraged IRR.
Structured and managed 51% joint venture investment in ABS and CMBS:
o Portfolio peaked at $2.8 billion;
o Led team which underwrote and managed $700 million CMBS investments.
Oversaw joint venture discounted acquisition of $17 million participation in distressed bank loan on 200,000 square foot office building resulting in 15% unleveraged IRR.
Managed distressed seven building 750,000 square foot portfolio of office, industrial and retail properties:
o Sold individual properties for aggregate $44 million resulting in $5 million profit over book value;
o Successfully dealt with issues such as environmental contamination remediation, building code compliance, property renovation and upgrades, and lease-up of high vacancies.
Acquired and managed single family residential development projects totaling over 520 acres zoned for 255 units:
o Structured debt and equity capitalization totaling $42 million;
o Oversaw planning and approval process, site plan development and environmental contamination remediation; prepared public offering statement.
MANSFIELD PARTNERS, INC., Darien, CT 1992 to 1997
Private real estate consulting and advisory company.
Founding Partner
Conducted various transactional and investment underwriting assignments on more than 11 million square feet on behalf of ventures with opportunity funds, institutional investors and wealthy individuals.
BANQUE INDOSUEZ, New York, NY 1989 to 1992
$70 billion merchant bank based in Paris, France, now part of Credit Agricole.
Senior Vice President and Manager, U.S. Real Estate Group
Led team of ten professionals responsible for all North American real estate investment and advisory activities, including management of offshore funds with 1.5 million square feet of US investments, acquisition of one million square foot Manhattan office building, management of $500 million loan portfolio and workout of $100 million of non-performing assets.
CRI INSTITUTIONAL REAL ESTATE, INC., Stamford, CT 1987 to 1989
Institutional investment advisory firm focused on multifamily investments.
President
PRUDENTIAL BACHE SECURITIES, INC., New York, NY 1984 to 1987
Investment banking and brokerage subsidiary of Prudential Insurance Company.
Managing Director
Senior banker in corporate finance and mergers and acquisitions.
DADE SAVINGS AND LOAN ASSOCIATION, Miami, FL 1983 to 1984
$2 billion thrift company.
President and Chief Operating Officer
CHEMICAL BANK, New York, NY 1969 to 1983
Money center bank, predecessor institution to JP Morgan Chase.
Senior Vice President
Held several positions of increasing responsibility:
Chief Credit Officer for Real Estate Division, with credit policy oversight for $3 billion portfolio, and $160 million legal limit lending authority;
Led a team of 20 professionals responsible for loan workouts totaling more than $900 million and management and disposition of foreclosed properties.
EDUCATION
BA, University of Notre Dame, South Bend, IN, 1969 |
