Co-head of London-based real estate debt fund manager Tyndaris Real Estate, Heath Forusz, has left the firm to pursue “other projects”, PERE has learnt.
Forusz was head of capital markets and principal trading for Deutsche Bank’s European Commercial Real Estate business before leaving to co-head investment advisory firm Tyndaris’ real estate division alongside Clark Coffee, who also previously worked at Deutsche Bank as co-head of origination.
Forusz, who helped establish Tyndaris’ real estate capabilities, left after the firm closed its inaugural €350 million debt fund to ensure, according to market sources.
Tyndaris targets whole loans, mezzanine and subordinate loans, special situations capital and preferred equity in real estate and is aiming at putting upwards of €10 million into each type of investment.
The firm has also executed its first two transactions from the fund, both in Central London, the first in support of an upscale hotel in Kings Cross. The second facility was for an office building in Westminster, which will be converted into residential flats.
Following these transactions, over 80 percent of Tyndaris Real Estate’s lending is concentrated in its core markets of the UK and Germany. The weighted average loan-to-value of the portfolio stands at 69 percent.
Forusz could not be reached for comment by press time and Tyndaris declined to comment.