The company's team has been working to increase its share of the local lending market. Five months ago, Jim Adams, formerly with locally based Kinghorn, Driver, Hough & Co., was hired to run GMAC's Houston loan origination office.
Smith exited Holliday Fenoglio Fowler LP after a six-year stint. As a director, he was responsible for originating debt transaction in the southern US. He completed more than $500 million of commercial real estate financings. Previously, he was with Fidelity Investments.
"The platform that GMAC provides was attractive to me," Smith says. "Seventy-five percent of what I'm doing at GMAC is identical to what I was doing at HFF and the rest will be [working with] the proprietary funds that GMAC has to offer."
Smith tells GlobeSt.com that he was not looking to leave HFF, but saw the benefits of joining GMAC. "From my standpoint, I feel like the GMAC platform is going to allow me to better serve my current clients and assist in the solicitation of new clients," he says. "The misconception is that GMAC is just set up to lend and promote GMAC funds, but the reality is that 75% of the business is intermediary."
Smith says he is excited about the opportunities that exist in building the GMAC Commercial office. "Our goal in 2005 is to add personnel and to build [the office] up to one of the larger offices," he says. HFF did not return phone calls seeking comment about the departure.
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