DALLAS-Three Realty Capital Partners principals have partnered with Westmount Realty Capital LLC to form a new investment company called Westmount Realty Finance LLC. Richard Myers, Steve Saxon and Peter Aberg will focus on raising capital in 2011 for four investment funds totaling $150 million.
Westmount Realty Finance will be headquartered in Dallas with offices in New York, Atlanta, San Francisco and London. Cliff Booth, founder and president of Westmount Realty Capital, also will serve as Westmount Realty Finance’s Chairman, CEO and President. Myers also will serve on the Board and Westmount Executive Vice President and Partner Steve Kanoff will serve as chief investment officer and a Board member.
Booth tells GlobeSt.com that he approached the Realty Capital Partner executives with hopes of forming an alliance with the company. Instead, the industry veterans agreed to launch the new company.
Westmount Realty Finance will raise funds from a variety of sources including high-net worth individuals, family offices, institutions, broker-dealers and financial advisors. Booth says the company will emphasize fundraising from European and Asian investors.
Westmount Realty Finance will provide equity and debt to fund Westmount Realty Capital projects, as well as other projects across the US, Booth says. Its four funds will be based on the following investment types: all-equity; all-debt; income-producing properties; and distressed single-family residential.
Westmount Realty Finance has already raised $50 million, which it is looking to deploy, Booth says. The firm is interested in investing in office, retail, multifamily and industrial properties, but is willing to look at niche property types including self-storage, medical office and hotels. “We are trying to serve deals less than $20 million,” Booth adds.
With Myers, Saxon and Aberg now working for Westmount Realty Finance, Realty Capital Partners will “no longer do any new deals,” Booth says. The company will continue to exist and be staffed to service its existing assets.
During their tenure at Realty Capital Partners, Myers, Saxon and Aberg managed the investment of more than $350 million in equity capital and secured loans for a variety of real estate projects located in 13 states across the country. Myers also served as founder and CEO of Realty Capital Partners.
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