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TPG appoints head of new real estate debt unit

Greta Guggenheim joins TPG Real Estate Finance Trust from Ladder Capital, where she was co-founder and chief investment officer.  

TPG Real Estate has hired Greta Guggenheim, co-founder and former chief investment officer at Ladder Capital, to head its TPG Real Estate Finance Trust lending platform as its chief executive, reports PERE sister publication Real Estate Capital.

The Fort Worth, Texas-headquartered alternative investment firm formed the REIT in January when it purchased 75 percent of a $2.5 billion portfolio of high-yield real estate loans from Deutsche Bank’s Special Situations Group, taking along with it a team of 11 origination and risk management professionals and raising $750 million in capital from institutional investors for loan originations.

The platform recently provided $112.8 million in acquisition financing to Gaia Real Estate for a residential development project at 416-422 West 52nd Street, as reported recently in Real Estate CapitalLast month TPG made another loan from the platform, a $95 million mortgage against Beekman Tower, a 178-unit corporate-housing property in Manhattan’s Turtle Bay neighborhood.

In July, TPG and Deutsche also pulled off their most notable transaction since the portfolio deal, refinancing the 150-room Mark Hotel on Manhattan’s Upper East Side. TPG provided $150 million and Deutsche took the remaining $50 million backing the nearly 90-year-old landmark hotel.

“We’ll certainly miss her, but we have a particularly deep bench of senior management in commercial real estate and we look forward to continued success,” Thomas Harney, head of merchant banking and capital markets at Ladder, told Bloomberg, which first reported the move.