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JEMB Branches Out Into Debt Investment

NEW YORK CITY-Seeing historic opportunities in the debt market, the owner/developer has brought in veteran Tammy Heyman to run its Basis Investment Group.

By Paul Bubny | Updated on February 20, 2009

NEW YORK CITY-JEMB Realty, a locally based owner and developer with a portfolio of more than 7.2 million square feet in the US and Canada, has launched Basis Investment Group to capitalize on what JEMB’s principals see as unprecedented opportunities in the debt market. They’ve brought in real estate finance veteran Tammy Heyman to serve as president of BIG.

The BIG platform will acquire and originate high-yield performing and distressed whole loans, mezzanine loans, B notes, gap equity and select CMBS investments on behalf of its clients, according to a release. Along with debt investment, BIG will provide origination, lending and underwriting support to third parties on a separate account basis.

In a release, Heyman says that “the lack of liquidity in the current market, coupled with the senior lenders’ reluctance to advance more than 60% to 65% of today’s property values, creates amazing opportunities for BIG to provide the ‘gap equity’ or mezzanine debt to fill in the capital gap. We will also target investments in the senior debt and CMBS space in order to create a well balanced, diverse portfolio with attractive risk adjusted yields for our clients.”

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