Alternative investment firm Invictus Capital Partners has announced it's starting a commercial real estate credit division. The Washington, DC-based firm has hired Ricardo Koenigsberger and Kenneth Witkin as senior managing directors and co-presidents to build and manage the commercial real estate credit arm, called Invictus Commercial Real Estate Finance.
The move will broaden Invictus' real estate debt investments beyond residential mortgages, said the firm's CEO, Michael Warden. "Since our inception, we've had a primary focus on the residential mortgage world and felt now was the opportune time to make a concentrated effort to expand our participation in the commercial real estate space," Warden said.
Invictus Commercial Real Estate Finance will cover the full range of commercial real estate debt investments, including the secondary market for whole loans and bonds, and direct commercial mortgage lending.
Because of the recent economic disruptions in response to COVID-19, the new division will particularly focus on investments in the hospitality sector, according to Invictus, due to "the significant inefficiencies and dislocation in this market segment."
Founded in 2008, Invictus participates in a range of real estate debt investments, including high-yielding and distressed bonds and loans.
Koenigsberger and Witkin previously served as co-CEOs of CV Holdings, Inc., a real estate investment trust that acquires and manages residential non-performing loans and REO properties in the United States. Its subsidiaries handle equipment lease financing and commercial real estate bridge loans.
Koenigsberger has a background in real estate private equity, previously holding partner positions at ROCA Management and Apollo Real Estate Advisors.
Witkin's background in real estate banking includes senior executive and partner positions at the Realty Finance Corp and its predecessor company, CBRE Realty Finance, as well as FleetBoston Financial, and then the commercial real estate banking group at Bank of America after it acquired Fleet Boston. He was also a partner at the Roseview Group, a Boston-based real estate investment firm that merged with Madison Marquette last year. Witkin began his banking career in 1974 at Citibank.
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Meredith Hobbs
Meredith Hobbs writes about the Atlanta legal community and the business of law. Contact her at [email protected] or 404.419.2837. On Twitter: @MeredithHobbs.
