URDANG, the real estate investment subsidiary for BNY Mellon Asset Management, has created a new real estate debt strategy group by hiring eight team members from Capmark Investments LP.
URDANG manages approximately $1.5 billion in public real estate securities through Urdang Securities Management, Inc. and $2.5 billion in gross private real estate investments through Urdang Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors.
URDANG has also been named as a nondiscretionary sub-advisor to Capmark Investments LP for Capmark Structured Real Estate Partners, LP and Capmark VII-CRE, Ltd. Capmark Structured Real Estate Partners, LP and Capmark VII-CRE, Ltd. were both formed in 2006 and originally capitalized with $1.1 billion and $1.0 billion of institutional investor commitments, respectively.
"The formation of a new real estate debt strategy group within URDANG complements our focus on private-market and publicly-listed equity investments in real estate," said E. Todd Briddell, chief investment officer and managing director of Urdang Capital Management, Inc. "In addition to the opportunity to service Capmark Investments, we believe that the persistence of tough credit conditions within real estate capital markets makes now the ideal time to strengthen and grow our real estate investment business. We see attractive opportunities for Urdang's clients to purchase and originate commercial mortgages and structured credit instruments."