Steven Doherty has joined CBRE Capital Markets as senior vice president to head the firm’s expanded Debt & Structured Finance practice in the greater Philadelphia region.
Based out of CBRE’s Wayne, Pennsylvania offices, the 30-year commercial real estate finance veteran will secure debt and equity on behalf of clients and work closely with the firm’s investment sales professionals.
“This was a natural extension for me and the firm,” Doherty told Real Estate Capital. “CBRE in Philly is already a market leader on the investment sales side and the debt business will fill a hole in the region.”
The group will aim to originate an even split between agency deals and permanent whole loans, sourcing life insurance companies, banks and CMBS, with loans typically ranging in size between $10m and $20m, Doherty said.
“The goal is to service sales when needed, but primarily to serve and grow client relationships” within the Debt and Structured Finance platform, he added.
Doherty joins CBRE from Remington Investments, where he has spent the past three years as partner, investing in, among other things, small shopping centers and distressed debt.
He was previously at Berkadia (formerly GMAC Commercial Mortgage), where he arranged nearly $3bn in commercial mortgages as co-manager of the firm’s Philadelphia office, specializing in the financing of Fannie Mae, Freddie Mac, joint ventures and bridge loans.
Doherty will report to Mike Riccio, senior managing director of CBRE Capital Markets. Riccio said:
“We are excited to have Steve join us in Philadelphia. His first-rate experience and top-notch reputation will accelerate our Debt & Structured Finance business in the region. Steve is a seasoned veteran, and his expertise will help us better serve our clients.”
CBRE Capital Markets’ Debt & Structured Finance facilitated 1,364 loans for a total loan volume of more than $32.5bn in the US, setting a company record.