Gramercy Capital Corp., New York, has set up a real estate securities business that will focus on the acquisition, trading, and financing of commercial mortgage-backed securities and other real estate-related securities.Joseph Romano, formerly a CMBS portfolio manager with TIAA-CREF, has joined Gramercy's external adviser as senior vice president to head the newly formed group, Gramercy reported. Initially, Gramercy will be targeting between $500 million and $1.0 billion of investments that will include CMBS, real estate investment trust debt, credit default swaps, preferred securities, and other real estate securities. The new business line is expected to complement Gramercy's lending platform by enabling it to obtain term financing for fixed-rate loans originated by Gramercy. "Having built a very successful direct commercial real estate lending franchise, we believe this is the right time in the company's evolution to launch its real estate debt securities platform," said Marc Holliday, Gramercy Capital Corp.'s chief executive officer.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
38m ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
1h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18