Hudson Realty Capital, which has $1.7 billion in assets under management, has added Joseph Morningstar as managing director. In his new role, he will focus on identifying special situations, such as recapitalisations and note sales, where “there might be a hole in the capital stack and there might be an opportunity for Hudson to come in and fill that hole with debt or equity,” he told PERE.
“We’re seeing many, many more of these restructurings and recapitalisations because of how the capital markets have responded to various economic crises,” Morningstar said. “That’s really where a lot of the opportunity is.”
Beyond special situations, Morningstar also will work to establish a real estate advisory services platform to expand the traditional real estate investment banking services that currently are offered to current and new clients.
“The opportunity to join Hudson, whose founders I have known for more than 20 years and worked with in the past, and jump to the equity side of the house was irresistible,” said Morningstar in a note to friends and family.
Morningstar has more than 30 years of real estate investment banking experience as an advisor and transaction agent, executing real estate and note sales, financings, recapitalisations and advisory assignments throughout the US. Before joining Hudson Realty, he served for 10 years as a partner at commercial real estate broker HFF and was responsible for more than $8 billion in transactions for office, residential, retail, hotel, land and large-scale development projects in the US.
Prior to that, Morningstar worked at Rockwood Realty Associates, which he co-founded in 1991 and where he provided advisory and transactional services on more than $4 billion in real estate and real estate-related corporate transactions.