CHARLOTTE, NC-Bank of America Merrill Lynch promoted Ron Curtis to president of its Commercial Real Estate Banking business. Curtis succeeds Gene Godbold, who becomes the bank’s new Corporate Workplace executive.
David Darnell, Global Commercial Banking president for Bank of America Merrill Lynch (BoFa), calls Curtis a “veteran of the industry whose leadership will serve us well as we look to the future.” In his new role, Curtis will report directly to Darnell and remain stationed in Charlotte.
As Commercial Real Estate Banking (CREB) president, Curtis manages the bank’s Commercial Real Estate, Home Builder, Community Development Banking and Real Estate Corporate Banking divisions. Curtis leads a team of real estate professionals who offer project finance, corporate finance, and comprehensive financial solutions for public and private REITS, and funds, as well as commercial and residential real estate companies.
“To say that the real estate industry has undergone significant challenges over the last two years is an understatement,” Curtis tells GlobeSt.com. “However, what is important is what is happening today. We are seeing some markets and sectors like multifamily rental housing strengthen as the economy recovers. There are opportunities to do new high quality transactions with our clients, and we have the appetite to do so.”
BoFA’s focus on multifamily comes on the heels of the Commerce Department’s report that 33% of new housing starts are in the multifamily sector. MFP Research reveals that the number of occupied apartments increased by 215,000 in 64 major US markets in the first half of 2010. That's about double the additional occupancies seen in all of 2009.
A 35-year banking industry veteran, Curtis most recently served as Commercial Real Estate executive for BoFa’s East Division. He previously served as Commercial Real Estate Division executive for the bank’s Southeast Division.
Curtis is a member of the Urban Land Institute and serves on the Blue Flight of the Small-Scale Development Council. He also serves as Chairman of the advisory board for the Center for Real Estate at the University of North Carolina Charlotte.
Bank of America Merrill Lynch has been shoring up the executive ranks of its commercial divisions this year. In July, the bank promoted Steven Kenny to CREB region executive for New York and New Jersey. Bank of America named C. John Mostofi Midwest Region executive for Global Commercial Banking in April.
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