Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF) announced this week the hiring of Ted Norman as the new senior director and head of the organization’s US commercial mortgage investments platform.
The national platform with offices in New York, Charlotte, Newport Beach and San Francisco will target fixed rate loans with a minimum loan size of $20m secured by office, retail, industrial and multifamily properties.
Norman will also launch a new short-term floating rate debt program on behalf of an internal bank source of capital with loans in the $10-30m range.
The firm anticipates investing $3-4bn in the fixed rate program and $400-500m in the floating rate program in 2015.
The move marks a return to the organization for the 20-year commercial real estate veteran, who began his career at TIAA-CREF in the 1990s as part of its originations and distressed debt/special loan units.
To date he has been directly involved in the origination, workout resolution and underwriting of more than $5bn in commercial real estate debt.
Most recently Norman was a managing director in the capital markets group at privately-held real estate firm Transwestern, where he was responsible for development and investment activities, managing banking relationships and asset management.
He previously ran a unit at Capmark Financial Group that was responsible for commercial mortgage originations and securitizations for a TIAA-CREF-sponsored private mortgage origination and securitization program that generated more than $3.5bn in loan originations; and at Centerline Capital Group (now C-III Capital) he was a regional team leader in the commercial mortgage origination unit, with responsibilities that included portfolio management, CMBS B-piece acquisitions, and whole loan and portfolio acquisitions.
TIAA-CREF originates and services participating mortgages, construction/permanent financings, forward loan commitments, secured to unsecured loans, floating rate debt, subordinate debt, and unsecured notes with secured mortgage conversion options across a portfolio of commercial mortgages secured by office, industrial, and retail assets located in major US markets.
Based out of Charlotte, North Carolina, Norman will report to Rick Coppola, managing director and head of transactions/global real estate.