ARCap, a Dallas-based non-investment grade commercial mortgage-backed securities investor, has formed a new unit to originate loans. To this end, the company has hired Barry Nectow from John Hancock as a managing director.
Nectow will originate first mortgages, b-notes and mezzanine loans. He will be based in Boston, where ARCap will open a new office. The unit will originate loans in both Boston and Dallas, said Larry Duggins, president.
At John Hancock, Nectow was a v.p. and manager of the real estate finance group. "We are focused on mining opportunities in our current portfolio, which should be a nice niche for us," Duggins said, adding that ARCap invests in deals in where there are more than 7,000 commercial mortgages.