CrossHarbor appoints ex-Citizens head as chairman

The move will allow the Boston-based alternative investment firm to grow its real estate investments as well as expand to 'new, complimentary business lines'.

Boston-based CrossHarbor Capital Partners, specializing in opportunistic investments in real estate, distressed loans and private equity, has added Stephen Steinour as managing partner and chairman of the firm.

Steinour, former president and chief executive officer of Citizens Financial Group, brings extensive background in the financial markets including the capital markets, commercial banking, private equity, commercial real estate and distressed securities.

While at Citizens Financial, Steinour oversaw all business lines and operations of the commercial bank holding company. He also garnered experience in mergers and acquisitions, overseeing more than 26 bank acquisitions. Steinour also worked at Fleet Financial Group as division executive of its subsidiary Recoll Management, an $8 billion distressed commercial loan recovery company. Prior to Fleet, Steinour was an executive vice president at the Bank of New England.

“I am looking forward to working within the private equity industry with a tremendous firm such as CrossHarbor,” Steinour said in a statement. “The firm is uniquely positioned to take advantage of the opportunities in today’s market.”

Robert Garrow, CrossHarbor managing partner said that Steinour’s “leadership, drive and broad based experiences will allow us to grow as a firm to the next level not only in our real estate investment activities but also in new, complimentary business lines.”

Founded in 1993, the Boston-based alternative investment firm focuses on opportunistic transactions in real estate, distressed loans and private equity.