It’s got this tremendous sponsorship in terms of established institutional partners: Meridian, a huge real estate juggernaut in the industry Barings, also a significant player and Stone Point Capital in the background.” “What’s really unique and makes this a once-in-a-lifetime opportunity is the alignment of stars that’s occurred, in terms of this opportunity to start a new venture that’s also not truly new. “I think it’s an incredibly exciting time to launch our new platform,” Brickman told CO. Schonfeld, head of affordable programs Wayne Elibero, senior relationship manager Bob Douglas, senior relationship manager and Karu Arulanandam, head of affordable underwriting. In addition to Lee, NewPoint has hired six other multifamily heavy hitters to its senior management team, each with 20+ years of experience within multifamily and agency lending: Phil Spellberg, chief operating officer Elie Tannous, head of capital markets Joshua L. Brickman was formerly CEO of Freddie Mac, while Lee was previously the head of multifamily and head of underwriting and asset management at Capital One. The new platform is led by David Brickman as CEO and Jeff Lee as president. “This includes markets that complement our existing institutional commercial mortgage lending business.SEE ALSO: Angelo Gordon’s Adam Schwartz On Real Estate Opportunities in a Downturn “Barings continues to build out its real estate debt capabilities, and our joint venture with Meridian extends our reach to a much broader market,” said Eric Lloyd, head of global private assets at Barings. Meridian will originate multifamily loans on behalf of the venture on a nonexclusive basis and will continue to originate for banks, agency lenders, and other financing sources as it has done in the past. In addition, the new business will service commercial and multifamily loans for Barings’ parent company, MassMutual, and other lenders.
Meridian capital mac#
Subject to regulatory approval, the agency lending joint venture, through a wholly owned subsidiary, will participate in the Fannie Mae Delegated Servicing and Underwriting program, the Freddie Mac Optigo network, and Federal Housing Administration and Ginnie Mae multifamily lending programs. Brickman spent most of his career at Freddie Mac, working in and leading the multifamily business, where he presided over a substantial period of growth-raising annual production from $16 billion in 2010 to almost $80 billion in 2018. He will work alongside Herzka and Meridian president Yoni Goodman to chart the strategic course of the firm, expand product offerings, and continue to grow Meridian on a national scale. In addition to heading the new agency joint venture, Brickman will assume the role of executive chairman of Meridian and senior advisor to Stone Point Capital. David did not just preside over a remarkable period of expansion at Freddie Mac, he did so through the type of innovation, creativity, and ingenuity that are critical to thriving in today’s marketplace.” The addition of David Brickman to our team will mean that we are working alongside one of the most prominent multifamily experts in the country.
“Our partnership with Barings will enable us to join forces with one of the world’s leasing asset managers and reintroduce Meridian to the direct agency lending arena. “We are thrilled to be embarking on this new chapter,” said Meridian chairman and CEO Ralph Herzka. In the coming years, Meridian will focus on developing the agency lending joint venture, growing its core mortgage brokerage business on a national scale, expanding its investment sales and retail leasing products to key markets, and growing other lines of business. Meridian also has announced a partnership with investment funds managed by Stone Point Capital to fuel the company’s continued growth as it looks ahead to product and geographic expansion.Īccording to Meridian, the agency lending partnership with Barings, the addition of Brickman, and the partnership with Stone Point Capital come at a pivotal time in its 30-year history. Brickman will lead the joint venture’s dedicated management team, and the joint venture will be governed by a board of directors that is majority controlled by Meridian. Meridian will own a majority of the platform, and its ownership is subject to increase over time. The newly created platform will operate as a standalone business under its own name and branding, which will be announced prior to the transaction closing.
0 kommentar(er)
