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Canyon hires JMB exec, eyes debt

Canyon Capital Realty Advisors has appointed Richard Holly as managing director. It is the firm’s third appointment in the past two months.

Canyon Capital Realty Advisors has added another executive to its stable of investment professionals as it seeks to deploy almost $1.5 billion of capital.

The Los Angeles-based real estate investment firm appointed former JMB Realty executive Richard Holly as managing director to identify opportunities in the Midwest and mountain regions of the US.

It follows the appointment in May of former Lehman Brothers Real Estate executive David Ridini and the president and founder of the hospitality firm NTH Advisor Group, Richard Bosworth. Ridini will lead Canyon’s investments lead its investments in the North East of the US, particularly in New York, while Bosworth was hired as a senior director to manage the firm’s hospitality assets.

Holly was previously a vice president of JMB Financial Advisors, the financing arm of real estate investment firm JMB Realty. He has also worked for Countrywide Capital Markets originating and structuring CMBS, mezzanine debt and preferred equity investments. Prior to that he was director of KeyBank’s private equity group identifying equity and mezzanine opportunities.

Canyon said in a statement it was increasingly targeting the dislocated capital markets for opportunities as it sought to “deploy nearly $1.5 billion of capital for real estate investments”.