A former GE Capital Real Estate team has joined New York-based mortgage real estate investment trust Annaly Capital Management, PDI sister title, Real Estate Capital reported.
The move is one of many expected in the coming weeks and months after GE announced last month that it was pulling out of commercial real estate lending completely and was selling nearly $18 billion of loans to Wells Fargo and Blackstone.
The GE Capital Real Estate executives joining Annaly Capital are led by Jeffrey Thompson; they will expand the mortgage REIT’s commercial real estate originations platform.
Thompson is a former GE managing director who headed that firm’s US-focused commercial real estate direct lending balance sheet program.
Thompson will co-head Annaly’s commercial real estate platform with two existing Annaly executives, Michael Quinn and Robert Restrick. Patrick Maroney and Daniel Jagoe also join Annaly as managing directors, having previously served under Thompson at GE as senior director and senior asset manager, respectively. Neetika Gandhi and Clive Brown Junior will take up directorial positions within the group. Gandhi and Brown focused on underwriting and risk management at GE.
“Our commercial real estate group continues to expand its reach,” said Kevin Keyes, Annaly’s president. “The addition of Jeff and his team broadens our institutional origination platform and strengthens our strategy to grow this aspect of our business.”
General Electric is seeking to exit commercial real estate lending completely by the end of 2015, and most of its other financing businesses. That has left the fate of hundreds of employees up in the air.
Annaly primarily focuses on agency mortgage-backed securities (MBS) and related derivatives, including agency pass-through certificates, collateralized mortgage obligations (CMOs), interest-only securities and inverse floaters, to hedge these investments.