Starwood Capital’s head of debt investments William Green has left the firm for family reasons, PERE has been told.
Green was appointed in December 2007 to lead the firm’s debt investment business. It is believed Green is relocating to Charlotte, North Carolina to be with his family, who are moving back to the US from London, sources said.
Green’s departure is the second personnel blow for Starwood, after Barden Gale, Starwood’s former vice chairman of real estate, was today confirmed as the new chief executive officer of JE Robert Companies.
A Starwood spokesman confirmed Green was no longer with the firm, but declined to comment further. Sources added though that Starwood was reluctant to open an office in Charlotte. It is believed Green will look to develop a real estate advisory business in Charlotte.
Before joining Starwood, Green was global head of real estate capital markets at Wachovia Securities, growing the group’s capital deployment capabilities 10-fold. He has also worked at Banc of America Securities for nine years.
Starwood reportedly closed its latest debt vehicle, Starwood Debt Fund II, on $630 million in February. The vehicle was originally targeting $1 billion in equity commitments, according to regulatory filings.
Earlier this month, Starwood launched a $500 million debt vehicle to target distressed commercial and residential real estate opportunities using financing from the US government rescue plans, TALF and PPIP. Starwood Property Trust (SPT), which will register as a public REIT, is seeking to raise $500 million, according to regulatory filings.
SPT will originate and acquire distressed debt instruments backed by commercial real estate, including whole mortgage loans, bridge loans, B notes, mezzanine loans and CMBS. SPT will predominantly invest in the US, and will also target residential real estate debt instruments. The firm would not, though, target “loan-to-own” investments.