Fredrick Fellows, the former head of structured finance at Southwest Securities, announced the launch of a commercial real estate debt securities firm called Basalt Capital.

The group is an offshoot of Cargan Investment Management, which Fellows formed in 1999. Upon inception, Basalt went out with a $500 million high yield CMBS oriented investment fund and expects to close its first deal within the next few months. The group will also open up a Florida office in the near future.

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