New York-based Murray Hill Properties (MHP) has hired Jason Sander as managing director of new business development and capital raising within the firm’s MHP Real Estate Capital division. In the newly created post, he will help implement a new capital-raising strategy focusing on joint ventures and separate accounts for the real estate investment firm’s pipeline of off-market value-added office and mixed-use properties in New York City.
At the firm, Sander works directly under MHP founder and chief executive officer Norman Sturner. “We are pleased to welcome Jason, who brings a wealth of highly relevant, successful capital-raising and business development experience to MHP,” said Sturner in a statement.
In 2011, MHP launched Fund V, targeting $500 million in commitments for the acquisition of commercial office buildings in Manhattan. A person with knowledge of the situation explained that MHP is no longer pursuing the fund structure, opting for a more market-friendly approach. Indeed, the firm plans to raise $100 million to $200 million within the next three to six months for its joint venture and separate accounts initiatives. MHP’s investor base includes ultra-high-net-worth individuals and institutional partners, and approximately 95 percent of Sander’s new role will focus on raising this equity for the updated strategy.
When explaining his move to MHP in a press release, Sander cited the firm’s “tremendous track record of creating strong returns for its investors” with its “37 percent gross IRR and 2x return on capital since 1992, representing the last 20 realized investments.”
In December 2012, Sander left his position as vice president at Thor Equities, where he sourced equity capital for Thor’s direct and joint venture program in the US, Europe and Mexico. He then worked for three major New York real estate families and private equity real estate firms before signing on with MHP. Prior to Thor, Sander worked as a principal at Mercury Capital Advisors.
MHP, which almost exclusively deals with properties in midtown Manhattan, is no stranger to joint ventures. Recent transactions include the purchase of 530 Fifth Avenue in conjunction with Crown Acquisitions, Jamestown Properties and Rockwood Capital for $390 million. The firm also offers brokerage services and project management divisions.