GoldenTree expands US operations hiring ex-Lehman exec

Steven Gorey has joined the New York-based firm as chief operating officer as it increasingly targets distressed US real estate.

GoldenTree InSite Partners has appointed former Lehman Brothers senior vice president Steven Gorey as chief operating officer.

Gorey will work from the firm’s New York headquarters, reporting to president Thomas Shapiro. Gorey was previously with Lehman Brothers’ principal transaction group, responsible for debt and equity investments, underwriting and asset management, particularly on development properties.

Prior to Lehman, where he spent 15 years, Gorey worked for Citigroup as the firm’s vice president consumer assets division as well as being chief financial officer of Citigroup-company The Student Loan Corporation.

GoldenTree has been refocusing its efforts on US distressed investing in the past year, after being a large investor in Brazil.

In November last year, GoldenTree formed a joint venture with homebuilder Hovnanian Enterprises to buy and develop residential housing in Chicago and Palm Beach County in it’s first US deal for almost two years. The firm invested 80 percent of the equity capital for the all-cash deal, which will see the JV will buy lots previously owned by another Hovnanian partnership.