TPG Real Estate has hired Greta Guggenheim, co-founder and former CIO at Ladder Capital, to head its TPG Real Estate Finance Trust lending platform as CEO.
The company formed the REIT in January when it purchased 75% of a $2.5bn portfolio of high-yield real estate loans from Deutsche Bank’s Special Situations Group, taking along with it a team of 11 origination and risk management professionals and raising $750m in capital from institutional investors for loan originations.
The platform recently provided $112.8m in acquisition financing to Gaia Real Estate for a residential development project at 416-422 West 52nd Street, as reported yesterday in Real Estate Capital. Last month TPG made another loan from the platform, a $95m mortgage against Beekman Tower, a 178-unit corporate-housing property in Manhattan’s Turtle Bay neighborhood.
In July, TPG and Deutsche also pulled off their most notable transaction since the portfolio deal, refinancing the 150-room Mark Hotel on Manhattan’s Upper East Side. TPG provided $150m and Deutsche took the remaining $50m backing the nearly 90-year-old landmark hotel.
“We’ll certainly miss her, but we have a particularly deep bench of senior management in commercial real estate and we look forward to continued success,” Thomas Harney, head of merchant banking and capital markets at Ladder, told Bloomberg, which first reported the move.