Trez Capital, one of Canada’s largest non-bank commercial mortgage lenders, is seeking a commercial real estate veteran to replace president and CEO Morley Greene, Real Estate Capital has learned.
Greene, 74, who founded Trez Capital 17 years ago, said his retirement will imminently follow the selection of his successor.
“I’m not a young man and we need someone in that role,” he said. “This is a wonderful opportunity for the right person.”
The position, titled president of lending, will be based out of the firm’s Vancouver headquarters. The new hire will ultimately oversee company-wide originations, underwriting and administration.
Greene said he has no prospects yet, but he has hired an executive search firm, BCGI American Real Estate Executive Search, to find the right fit.
“This will be a well-respected individual who is likely working today within a large commercial organization and understands management, originations and how to bring good people on board,” he said.
The firm provides short- to mid-term financing to mid-market property developers and owners and offers private and institutional investors a variety of opportunistic, high-yield mortgage investment funds.
The bridge, mezzanine, construction and development financing allows developers to purchase, refinance, reposition or develop of commercial property across asset classes. Loan amounts range between $1m and $35m, with terms between six and 36 months and interest rates as low as 6%.
The mortgage investment funds invest in short-term mortgages held on commercial real estate properties in and around major economic centers.
Greene, who has a law background, started the firm in 1997. At the time the operation was backed by just $3.5m, he said. The firm has grown to fund more than $3.8bn in mortgages and loans in major centers throughout Canada and the US, and today it manages a portfolio of mortgages valued at more than $1.8bn. The company has additional offices in Toronto, Ontario, and Dallas, Texas.
As the firm continue to expand, plans are in the works for a foray into the CMBS market, and the firm will need the “right kind of people in charge” to lead such ventures.
“This will open up a new avenue that will be complimentary to our operations,” Greene said. “In our business you have to grow. There’s a point in time where you just have to change what you’re doing, move on to new products and new things.”