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Tuesday, 01 April 2008

Jordan Paul Joins Related Group Investment Fund

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Commercial Real Estate Direct Staff Report

Jordan Paul, a long-time player in the high-yield commercial mortgage business, has joined the Related Group Investment Fund as senior managing director.

Related, a Miami developer that specializes in the condo and multifamily arenas, last month formed its investment fund, a $1 billion vehicle, with Lubert-Adler Partners. As senior managing direct, Paul would be charged with overseeing the fund, which will pursue investments in distressed mortgages and properties.

Paul joins Related from Aquila Property Co., a property investment firm he co-founded eight years ago and has completed some $100 million of opportunistic property transactions.

Paul was also a principal of Allied Capital Corp. of Washington, when that company was still an active player in the subordinate CMBS market. He joined the firm in 2004 to oversee the company's special servicing unit as well as its opportunistic mortgage investments. He stayed on after Allied's CMBS and collateralized debt obligation business was acquired by Caisse de depot et placement du Quebec, a Canadian pension-fund adviser, in 2005. After that, he provided consulting services to other players in the high-yield mortgage business.

Paul cut his teeth in the opportunistic real estate world at Ocwen Financial in the early 1990s. As executive vice president of the West Palm Beach, Fla., company, he developed the firm's commercial discount-loan unit and the special servicing division, which worked out or restructured troubled mortgages.

He later became president of Llama Capital Mortgage, a conduit-lending operation controlled by the Walton family of Bentonville, Ark., which also controls the Wal-Mart retailing chain.

Llama was launched after the 1998 Russian bond crisis, and was abruptly shut down soon after. Paul then was put in charge of disposing of some $140 million of assets it had originated.

Comments? E-mail Orest Mandzy or call him at (267) 247-0112, Ext. 211.



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  • Subject: Executive changes, general (EXECG)
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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