CW Financial Services (CWFS), a  real estate finance and investment management firm, made several changes to its management structure.

David Iannarone, managing director of CWCapital Asset Management (CWCAM) has been promoted to President of the company. Meanwhile Tad Philipp, managing director of CWCapital Investments (CWCI) was named chief risk officer for CWFS.
Tom Nolan, managing director of CWCI was named chief cCredit Officer of CWFS.

The CWFS management committee, which is responsible for strategic planning and oversight of the operations of CWFS and its companies, has now grown to six, all of which represent the key business lines and functions. Committee members include Charles Spetka, CEO of CWFS and president and CEO of CWCapital Investments; Michael Berman, president and CEO of CWCapital; Scott Spelfogel, general counsel for CWFS; Carla Stoner, Chief Financial Officer for CWFS; Iannarone and Philipp.

Iannarone spearheaded the formation of CWCAM, the firm’s special servicing and asset management company, in 2005 through the acquisition and integration of the special servicing platforms of Allied Capital and CRIIMI MAE. He has been managing director responsible for the strategic development of the platform since that time. As managing director, Iannarone had a leadership role in the growth of the firm, now the second largest special servicing operation in the country with over $170 billion in assignments, which is over 20% of the U.S. CMBS market.  Iannarone will continue to report to Charles Spetka in his role as President.

Philipp joined CWFS’ investment management and advisory firm, CWCI, in October 2008 to develop and manage its risk management advisory platform, CW Risk Management Solutions (RMS). In this role, He led the development of the RMS valuation and advisory practices as well as oversaw the development of proprietary risk management tools and systems that have served CWCI clients in its fund management business. As chief risk officer, Philipp will report to Spetka, and is responsible for risk management across the three business units of CWFS’s vertically integrated commercial debt platform -CWCapital,  CWCAM, and CWCapital Investments.

Philipp also has direct oversight responsibility for two units within CWCI, Maximus Advisors, CWCI’s affiliated research and consulting group  and CW Risk Management Solutions, the valuation and risk advisory unit. Before joining CWCI, Philipp spent 17 years at Moody’s Investors Service, mainly as head of commercial mortgage related ratings.  

Nolan joined CWCI in 2003 as managing director of the company’s high-yield debt platform. In this position, Nolan has been responsible for growing the platform and for oversight for the real estate credit underwriting process within CWCI. Under his direction, CWCI with their investor clients purchased approximately $2 billion of various below investment grade bonds. As Chief credit officer of CWFS, Nolan will report to Philipp, chief risk officer, and will be responsible for evaluating credit risk across the platforms. He will also manage CWCI’s underwriting team, performing credit analysis and due diligence.

Before joining CWCapital Investments, Nolan worked at GMAC Commercial Mortgage Corp.(GMACCM) as managing director of the real estate debt investment group (REDIG), which was formed to invest primarily in high-yield CMBS. In this capacity, he was responsible for the real estate credit underwriting process for the purchase of subordinate CMBS issues as well as various other subordinate debt instruments. He was also responsible for the bond surveillance operation within the group and for building a state-of-the-art database system for both the purchase and surveillance of the various bond positions within the unit. Nolan’s prior positions include being the West Coast regional manager for a Fortune 500 financial services corporation and a position at a Big Four accounting firm.

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