Annaly Capital Management, Inc. Announces Expansion of Commercial Real Estate Platform
NEW YORK--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NLY) (Annaly) today announced the recent hiring of several key additions to its existing commercial real estate platform. Over the past few months, FIDAC has continued to grow its commercial real estate expertise, said Wellington J. Denahan, Annalys Chairman and Chief Executive Officer. Given the size of the opportunity that we see in the commercial real estate market, we are investing in additional personnel to further complement our origination, underwriting and asset management capabilities within this asset class.
Annaly previously announced that its acquisition of CreXus Investment Corp. (NYSE:CXS) (CreXus) will close on May 23, 2013. Annalys acquisition of CreXus allows Annaly to wholly own the commercial real estate platform and significantly enhance CreXus capabilities and growth through the use of Annalys broad capital base.
Annalys commercial real estate platform will be headed by Robert Restrick, Managing Director of Annaly. Mr. Restrick has over 23 years experience in the commercial real estate industry. Mr. Restrick joined FIDAC in April 2010 as an Executive Vice President and has served as the Chief Operating Officer of CreXus since June 2011. Prior to joining Annaly, Mr. Restrick served as Head of the Structured Products Group, Portfolio Management and Co-Head of the Capital Markets Conduit of CWCapital Investments LLC. Key additions to the commercial real estate group include the following executives:
Donald Haber Mr. Haber joined Annaly as a Managing Director, Head of Commercial Real Estate Credit. Mr. Haber has over 25 years experience in the commercial real estate industry. Prior to Annaly, Mr. Haber served as Co-Chief Credit Officer at Cantor Commercial Real Estate. Prior to that, he was the Chief Credit Officer for the U.S. CMBS unit of Barclays Capital (BXUB).
Peter Morral Mr. Morral joined as Executive Director, focused on Origination. Mr. Morral has over 17 years experience in the commercial real estate industry. Prior to Annaly, Mr. Morral served as Managing Director of UBS Securities LLC, where he was Head of Institutional Client and Large Loan originations. Prior to joining UBS, Mr. Morral was a senior member of the Large Loan Principal & Advisory Group at Wachovia Securities; a Director in the CMBS new issuance group at Standard & Poor's; and worked on both the loan origination and securitization groups in the Mortgage Finance Group at Bank of America Securities LLC.
Gary Romaniello Mr. Romaniello joined as Executive Director, focused on Origination. Mr. Romaniello has over 20 years experience in the commercial real estate industry. Prior to Annaly, Mr. Romaniello served as Executive Director at CIBC World Markets, where he was responsible for the origination of commercial real estate loans on a national basis for the banks balance sheet as well as for securitization.
Matt Higgins Mr. Higgins joined as Executive Vice President, focused on Origination. Mr. Higgins has over 18 years experience in the commercial real estate industry. Prior to Annaly, Mr. Higgins served as Executive Director at UBS Real Estate Securities, where he was responsible for sourcing, structuring, negotiating and originating over $2.3 billion of secured commercial real estate debt on both a fixed and floating rate basis. Before UBS, Mr. Higgins performed similar responsibilities at Morgan Stanley.
Michael Jo Mr. Jo joined Annaly as Associate General Counsel, Head of Legal and Structuring Commercial Real Estate. Mr. Jo has over 13 years of experience in the commercial real estate and structured finance industries. Prior to joining Annaly, Mr. Jo was at KSL Capital Partners, Fortress Investment Group and CWCapital managing legal, strategy and execution of high-yield real estate debt investments and CMBS.
Henry Gom Mr. Gom joined as Senior Vice President, focused on Origination and Business Development. Mr. Gom has over 15 years experience in the commercial real estate industry. Prior to Annaly, Mr. Gom served as Senior Vice President of Savills LLC, where he was responsible for restructuring and sourcing investments with global lenders, institutional owners, regional operating partners, real estate funds and REITs. Prior to Savills, Mr. Gom was at Citi Property Investors and Merrill Lynch & Co. (MNL)
Greg Kiely Mr. Kiely joined as Senior Vice President, focused on Underwriting. Mr. Kiely has over 7 years experience in the commercial real estate industry. Prior to Annaly, Mr. Kiely served as Director of Real Estate Finance at CIBC World Markets, where he was responsible for the original underwriting and subsequent asset management of a portfolio of floating rate senior mortgage loans and credit facility commitments. Mr. Kiely previously spent five years at Barclays Capital in its commercial real estate division.
About Annaly Capital Management, Inc.
Annalys principal business objective is to generate net income for distribution to shareholders from its investment securities and from dividends it receives from its subsidiaries. Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust (REIT).
This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "anticipate," "continue," or similar terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities for purchase; the availability of financing and, if available, the terms of any financings; changes in the market value of our assets; changes in business conditions and the general economy; our ability to integrate the commercial mortgage business; our ability to consummate any contemplated investment opportunities; risks associated with the businesses of our subsidiaries, including the investment advisory business of our wholly-owned subsidiaries, including: the removal by clients of assets managed, their regulatory requirements, and competition in the investment advisory business; risks associated with the broker-dealer business of our wholly-owned subsidiary; changes in government regulations affecting our business; our ability to maintain our qualification as a REIT for federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. We do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Annaly Capital Management, Inc.
Source: Annaly Capital Management, Inc.Copyright Business Wire 2013