Babson Capital Management has chosen Robert Little to head its real estate finance group (REFG) at the end of 2008, where he will assume oversight of a $22 billion portfolio.
Little will replace Kenneth Hargreaves, who is retiring after leading REFG since 1991 and after working with the firms real estate business since 1972.
Currently, Little is responsible for the organization, structuring and distribution of high-yield commercial mortgage products, including bridge lending, mezzanine and preferred equity investments at REFG.
Additionally, he oversees the firms role as manager of Babson Mezzanine Realty Investors and as co-manager for two previous mezzanine funds, as well as high-yield real estate investing for MassMutuals general account and third-party clients.
Clayton Chip Andrews, who joined Babson Capital in March, will assume Littles responsibilities at the end of the year. Previously, Andrews was chief operating officer and partner at Cheslock, Bakker & Associates, a private real estate merchant bank in Stamford, Connecticut.