Karsten Kibbe has been named managing director and new head of commercial mortgage-backed securities at Société Générale after Tom McDevitt resigned to create his own loan fund, says Greg Medcraft, managing director and global head of securitization. Prior to filling McDevitt's vacant position, Kibbe was director and deputy head of CMBS. Kibbe says he is looking to hire a banker to fill his own former slot.
McDevitt says he is creating a new high-yield loan and real estate fund called Edgewood Capital Partners, based in Stamford, Conn. The fund will aim at restructuring commercial mortgage, commercial and industrial loans and distressed debt. McDevitt plans to launch his new venture by the end of June. He hired Mike Bradley, managing director, in charge of acquisitions, from Aetna Inc. where he was head of leasing project and financial management, as well as Jonathan Levirne, associate, who joined from Société Générale's CMBS group.