MIAMI-One of Florida’s oldest and largest full-service real estate companies is seeing a shake up in the executive ranks. Vincent Signorello is taking over as president and CEO of Flagler. He replaces Jose Hevia.
“Vince has already had a tremendous impact on Flagler, including driving a series of financing transactions that allowed the company to recapitalize its Florida portfolio and strengthen its business footing,” Joseph P. Adams, managing director of Fortress Investment Group, Flagler's parent company, tells GlobeSt.com. “He possesses the right combination of financial acumen, industry expertise and leadership that will propel Flagler to the next level.”
Neither Hevia nor Signorello were immediately available for comment. However, Hevia issued a statement about his decision to leave the company, which was effective on May 31.
“It has been an honor for me to be a part of the Flagler company for the past 24 years, and an incredible privilege to have had the opportunity to work with such a dedicated group of individuals,” Hevia says. “South Florida will continue to be my home where I am very much looking forward to the next chapter in my life.” Hevia did not hint at future plans.
Hevia served Flagler for more than 20 years and helped mastermind the firm’s diversification and repositioning from a rail-centric mentality to a 100% real estate-focused firm. He's credited with establishing four clear lines of business that helped the company weather the recent Great Recession.
But Signorello has also made his mark on Flagler during his short time with the firm. Signorello joined Flagler in 2009 as Chief Investment Officer and subsequently assumed the roles of Chief Financial Officer and Chief Operating Officer in 2010 and 2011, respectively.
In Dec. 2009, Flagler was first out of the gate with CMBS funding from Bank of America, securing a $460 million property financing related to 44 office and industrial properties and certain right-of-way assets. At the time, the transaction represented the first new issue, non-government supported commercial real estate securitization in 18 months.
Prior to joining Flagler, Signorello served in various capacities at Fortress Investment Group, Barclays Capital and Lehman Brothers. He also served four years as an officer in the United States Army. Signorello is a member of National Association of Industrial and Office Properties (NAIOP), Urban Land Institute (ULI) and the Greater Miami Chamber of Commerce.
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