King Penguin hires former Patron exec for distressed team

The New York-based real estate firm has brought on Matthew Delicata from London-based Patron Capital to bolster its planned distress real estate fund team. The fund is expected to focus on the five boroughs of New York. King Penguin has also hired former Carlton Group professional, Garett Pelton.

Real estate investment firm King Penguin Properties has hired private equity real estate executive Matthew Delicata from London-based Patron Capital as a vice president of its new distressed real estate fund.

Delicta was most recently at Patron performing financial analysis and market feasibility studies on property types globally.

It is unclear whether how the fund will be structured, but it will target assets in the five boroughs of New York. “We are exploring various opportunities, but have no definitive plans at this time,” a spokesperson said in response to enquiries asking whether King Penguin would begin raising private equity real estate funds.

The firm has also hired Garett Pelton for its distressed team. Pelton joins King Penguin as an associate from real estate investment bank The Carlton Group. At Carton he identified equity and debt capital sources, marketed investment opportunities and performed financial analysis and due diligence.

King Penguin owns and manages multi-family, residential, office and commercial properties in North America and Europe.