Canyon hires former Lehman exec

Canyon Capital Realty Advisors, which controls the Canyon-Johnson Urban Funds, has appointed David Ridini as managing director responsible for investments in the North East of the US and New York. The firm says it sees 'more opportunities ahead' in the region.

Canyon Capital Realty Advisors has hired former Lehman Brothers Real Estate executive David Ridini to lead its investments in the North East of the US, particularly in New York.

Ridini was previously managing director in Lehman’s New York real estate team, and prior to that a vice president with GE Capital’s commercial real estate team.

According to a statement, Canyon has more than $1.5 billion of capital ready to deploy. Managing partner Bobby Turner said the firm saw “more opportunity ahead” in the region, especially in New York.

At Lehman Brothers, Ridini originated and managed a $5 billion real estate portfolio and originated, structured and underwrote transactions totalling $3.6 billion at GE.

Earlier this month, Canyon hired Richard Bosworth as a senior director to manage the firm’s hospitality assets, which includes the Canyon Johnson Urban Funds. Bosworth was most recently president and founder of the NTH Advisor Group, a development and advisory firm operating in the casino, hotel and restaurant sectors.

Los Angeles-based Canyon’s real estate funds include the Canyon Value Mortgage Fund, the Canyon Value Opportunity Fund and the Canyon-Johnson Urban Funds, a joint venture with Earvin “Magic” Johnson focused on the development of retail and residential properties in densely populated, ethnically diverse communities. The Canyon-Johnson Urban Fund III closed on $1 billion in April 2008.