CW Capital has hired Tom Nolan from GMAC Commercial Mortgage as a managing director in its high-yield real estate debt group. The group plans to form funds for third parties and its parent, CDP Capital, to buy both fixed- and floating-rate subordinate commercial mortgage-backed securities and B-notes. It also is planning a mezzanine debt opportunity fund. Nolan reports to Chuck Spetka, president of the high-yield debt platform. The group hopes to make its first purchase by the end of the year and expects to have $500 million to $1 billion of buying power.
Nolan's duties include working with Spetka to grow the platform and oversee its credit underwriting process. The pair worked together for many years at GMAC and built its subordinate CMBS investment business. At GMAC, Nolan was a managing director in the real estate debt investment group that invested in high-yield CMBS. He also was in charge of bond surveillance within the group. Spekta joined CW Capital earlier this year.
CW Capital is courting investors for its planned funds, which will invest in both its own B-pieces and B-pieces from other CMBS deals, Nolan said. The group will work to integrate its own process more with CW's origination process so that it doesn't have to underwrite loans twice when making an acquisition, he added.
The group will make some hires as it gets up and running and is meeting now with CMBS issuers to give them an overview of the program, Spetka said. It also is considering setting up its own special servicing shop and could either find a strategic partner or make an acquisition, he added, noting that this will not happen immediately. "We are looking at all options," he said.