Invesco Real Estate expands structured investments team
Invesco Real Estate (Invesco) has expanded its Structured Investments Group with the appointment of Yorick Starr as Senior Director, based in its New York office. He will be primarily responsible for originating senior and mezzanine loans for the commercial real estate credit lines of business with a primary focus on the Northeast region.
Yorick Starr brings over 15 years of real estate experience to IRE, centred around relationship management, sourcing, and structuring of various types of loan and debt financings facilities having overseen and led a team that originated and underwrote both direct loans and secondary market loan acquisitions. Additionally, Starr has deep experience in the workouts and restructuring space including the resolution of distressed and highly-levered senior loans, B notes, junior participations and mezzanine loans made to institutional borrowers.
Bert Crouch, Managing Director of Structured Investments, says: "Yorick’s hiring is a key strategic move for Invesco Real Estate as we look to expand our footprint as a nimble, creative bridge lender. We are delighted to welcome him to the team as his timely appointment enhances our opportunity to deploy capital into the commercial mortgage space right now.”
Starr’s appointment complements that of Charlie Rose, who joined the Structured Investments Group in March 2017 as Senior Director based in Newport Beach responsible for originations, strategic planning, capital markets and business development for the credit lines of business. The team also hired Drew Tappan last month as a Transactions Associate from Crow Holdings in Dallas.
“As a firm, Invesco Real Estate has over 30 years of experience in the real estate sector and has executed on credit-related transactions totalling more than USD4.2 billion since the Global Financial Crisis. Invesco is committed to growing a significant and permanent bridge lending platform as a complement to Invesco’s equity platforms nationally. Both Yorick and Charlie’s expertise across the capital stack, along with their deep relationships, collectively complement the experience of our existing team of investment professionals already incredibly active across the country,” says Crouch.
Based in New York, Yorick will play a leading role in initiatives related to sourcing and structuring new debt investments, managing external relationships, monitoring existing investments, and leveraging the broader Invesco Real Estate platform.
Invesco’s real estate credit line of business is actively originating senior and mezzanine loans in primary and select secondary markets throughout the United States. With a focus on institutional quality real estate and sponsors, Invesco typically targets senior loans in excess of USD50 million (and up to USD250 million) and mezzanine loans in excess of USD20 million (and up to USD150 million). Invesco lends across all major property types including office, multifamily, industrial, hospitality, and retail and will selectively lend against speciality property types including student housing, senior/assisted living and self storage. As a floating rate, non-recourse lender, Invesco typically structures loans with three to five years of fully extended term and up to 75 per cent advance rates for light transitional, core plus and value-added investments.
Starr says: "I am thrilled to join a global investment manager such as Invesco Real Estate, which is one of the most respected and established participants in the institutional real estate market, managing investments across the risk spectrum. I am looking forward to further developing Invesco’s business in the credit space where we currently see a growing opportunity to meet a need for efficiently priced, well-structured bridge financing originated by a creative, flexible and relationship-oriented lender."
Yorick joins Invesco from Wells Fargo & Co, where he was Senior Vice President of Wells Fargo Real Estate Merchant Banking Group in New York.