Federico Montero, the well-known loan portfolio sales advisor, has left Cushman & Wakefield after four years with the company.
Montero, a partner at the firm, was head of loan portfolio transactions in Cushman & Wakefield’s corporate finance division. During his time with the business, Montero handled some of Europe’s most high profile non-performing real estate loan sales on behalf of sellers including Ireland’s National Asset Management Agency (NAMA).
Montero is understood to have left Cushman in order to take up a role with an investment bank. However, he will continue to work as a consultant for Cushman on NAMA’s ongoing Projects Ruby and Emerald loan sales.
Projects Ruby and Emerald, which contain commercial and residential real estate loans secured on mainly Irish property, are being sold simultaneously. Emerald has a face value of around €2.5 billion, while Ruby’s outstanding balance is €2.2 billion. First round bids are due in later this month.
Montero joined Cushman from KPMG UK Corporate Finance, where he worked from 2007 to 2012 as an associate director specialising in real estate corporate finance and loan portfolio transactions. Prior to that he worked as vice president – investment banking for Costa Rican firm Grupo Bursatil Aldesa.
Among the loan transactions Montero advised on while at Cushman & Wakefield was NAMA’s €6.25 billion Project Arrow, which was sold to Cerberus Capital Management last October for around €800 million. Last year, Montero also advised German bad bank FMS Wertmanagement on the sale of its €735 million Project Gaudi Spanish loan book, which was predominantly sold to Oaktree Capital Management.