Cornerstone Real Estate Advisers has hired Joham Tavera to originate mezzanine loans, preferred equity, bridge loans and B-notes, primarily in the western US markets, as VP of Alternative Investments.
With over 15 years of experience in the commercial real estate market, Tavera joins Cornerstone from ACORE Capital, where he worked on the credit and risk management team and supported the launch of a real estate debt fund. Previously, he was director of alternatives on the Real Estate Debt team at BlackRock and the VP in the Commercial Real Estate Group at Bank of America.
James Henderson, CIO of alternative investments at Cornerstone, said in prepared remarks that Tavera’s experience in structured real estate investing will strengthen the firm’s West Coast capabilities and “capture the growing opportunities we are seeing in the high yield real estate structured lending space.”
Tavera replaces JB Gerber who is moving to the Cornerstone London office to assist in expanding the European high yield debt business. He will be based in the San Francisco Bay Area of California and will report to Henderson.
Cornerstone’s Alternative Investments group specializes in the direct origination of first mortgage bridge loans and construction loans, mezzanine debt, B-notes, preferred equity and non-performing loan investment strategies where the group can “exploit inefficiencies in the capital markets and focus on opportunities that enhance yield and/or diversify exposures,” according to the company website.
Since 1999, Cornerstone has committed approximately $7.8 billion in first mortgage and mezzanine debt investments on behalf of separate account and fund investors, and the company currently manages a portfolio of $3.3 billion in gross assets under management.
Earlier this month, Cornerstone, on behalf of an institutional client, provided a $63.86 million loan for the acquisition of two Class A seniors housing communities in New Jersey and Pennsylvania.
This June, the company agreed to acquire the multifamily agency lender ACRE Capital Holdings for $93 million in order to nearly double the company’s multifamily loan portfolio from approximately $5 billion to $10 billion. The real estate advisers held $50.6 billion in global assets under management as of March 31, 2016.
This April, Cornerstone provided an $105 million (£80 million) loan to student accommodation provider Empiric Student Property to refinance a portfolio of UK operating assets.