NEW YORK CITY—Sutherland Asset Management Corp.—a real estate finance company managed by Waterfall Asset Management—has launched a focused bridge lending division, Ready Capital Structured Finance, as part of its ReadyCap Commercial subsidiary. The newly formed division will strengthen Sutherland's existing nationwide direct commercial lending platform by providing non-recourse, bridge and mezzanine CRE debt financing to its clients.
In the wake of the new division, David Cohen and Dominick Scali have joined RCS as managing directors, in the respective capacities of national production manager and head of credit. Both executives come from Doral Property Finance, where they were instrumental in growing the national bridge lending platform.
“The addition of this dedicated platform provides Sutherland with the ability to provide small- to mid-size balance commercial loans to finance real estate through its entire life-cycle, from development and rehabilitation through stabilization, with a wide range of financing products from senior to subordinate debt,” says Thomas Buttacavoli, Sutherland CIO.
"The addition of this experienced team to our existing programs allows us to better serve our borrowers,” adds Jim Going, CEO of ReadyCap Commercial. “The structuring, credit, processing, closing and asset management teams will be co-located in New York—where the RCS team is based—providing clients with a high degree of synergy on transactions.”
RCS will originate, manage and finance non-recourse floating and fixed rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Loan amounts will be up to $25 million—and larger on a case-by-case basis—and go to middle-market and institutional commercial real estate sponsors. RCS will offer short-term, interest-only loans with advances up to 80 percent, for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring solutions to accommodate borrowers' needs.
As for the new hires, Cohen most recently was the national production manager at Doral and he previously worked as a regional director for GE Real Estate and a managing director at CIBC World Markets' commercial real estate finance group. Scali was most recently a director and head of underwriting at Doral, prior to which he held positions at Anglo Irish Bank's commercial real estate group, Citi and Citibank's affordable housing division.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
