Centerline Holding Co., the parent company of Centerline Capital Group, has agreed with Nomura Credit and Capital Inc., a subsidiary of Nomura Holding America Inc., to act as collateral manager for two commercial real estate collateralized debt obligations (CRE CDOs) created by Nomura.
The two CDOs comprise over $1.6 billion of bridge and mezzanine loans and B-notes, with all loans reviewed and approved by Centerline. Equity interests in the CDOs, as well as the below-investment-grade securities, are owned by Centerline's Real Estate Special Situations Mortgage Fund, an investment fund that Centerline manages.
Centerline says it has hired staff from a Nomura affiliate to help fulfill the role of managing the new assets. The 14-member team is led by Mark F. Brown, a seasoned real estate professional.
‘This is another strategic move for us in building our asset management platform,’ said Marc D. Schnitzer, president and CEO of Centerline. ‘When the conduit market stabilizes, Centerline will be positioned to build a strong commercial loan origination pipeline.’
Source: Centerline Capital Group
