TORONTO, Oct. 02, 2018 (GLOBE NEWSWIRE) -- Timbercreek is pleased to announce the addition of Patrick Maroney to the Debt Team as Executive Director, Origination – U.S., reporting to Brad Trotter, Global Head of Debt.
Patrick brings to Timbercreek over 20 years' experience in the real estate industry, most recently at Annaly Capital Management as Managing Director. In this role, he sourced, structured and closed approximately $1.2 billion in real estate loans secured by office and multi-family properties.
Prior to this, Patrick worked for GE Capital Real Estate for 15 years, holding various positions including Senior Underwriter, Senior Asset Manager and Senior Director, Origination.
Working out of the Timbercreek New York office, Patrick will lay the groundwork for the lending program and oversee originations. Timbercreek is currently soliciting equity for a fund with the goal of originating $1 billion of bridge loans in the U.S. The closed-end vehicle, called Timbercreek U.S. Debt Fund will originate floating rate loans of $10 – $35 million on transitional properties nationwide across asset classes.
“Patrick’s wealth of experience will be a tremendous asset as we embark on our U.S. growth strategy, said Trotter. Having had the privilege of working with Patrick at GE Capital, I am thrilled to have him join our debt team, he will play a key role in both sourcing new business and building the team to support that growth.”
Timbercreek is looking to attract as much as $1 billion for its U.S. business, primarily focusing on short term commercial loans that fall under the radar of larger debt funds and banks.
About Timbercreek
Founded in 1999, Timbercreek, together with its affiliates, is an active investor, owner and manager of global real estate and related assets focused on delivering sustainable and growing returns to our investors. We maximize value by employing a value-oriented investment philosophy combined with an active, hands-on asset management platform, to identify opportunities that will generate predictable and sustainable long-term cash flow. We have earned a reputation for providing conservatively managed, risk-averse investment opportunities for both retail and institutional investors. With a global perspective and on-the-ground local expertise, Timbercreek employs more than 600 individuals in our head office in Toronto, and across our 19 offices in Canada, the United States, Europe and Hong Kong. We collectively manage over $8.0 billion, as of June 29, 2018, including syndicated debt under administration.
Contact
Brad Trotter
Global Head of Debt
203.293.5447
btrotter@timbercreek.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/77e93082-26cf-4a0a-984a-6bbe9aa490ef