Neptune has offices in San Diego and Dallas. HREC has offices in Denver, Los Angeles, Chicago, New York, Tampa, Boca Raton and Memphis. Armstrong, who prior to founding Neptune in 2001 was senior managing director of the hospitality practice at Insignia/ESG Hotel Partners, says the merger combines firms with complementary services and locations, "which should lead to more opportunities in the market."
"Even though hotel lending is slow right now, Neptune has a tremendous practice as mortgage brokers," Cahill says. "Adding Neptune enhances our ability to find debt for clients in a tough market," Cahill says. "In addition, when things turn around it enhances our capital markets and mortgage brokerage business."
HREC president Geoff Davis says Neptune's debt, structured finance and equity work complements what HREC is doing and where he and Cahill are headed with the practice. That path includes a new group focused specifically on note sales.
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