Calmwater Capital opens NYC office
Direct real estate lender Calmwater Capital (Calmwater) has opened a new Greater New York City office, the firm’s first East Coast-based location.
The new office comes on the back of continued growth and expansion for the Los Angeles-based private equity firm with investments across the United States.
As a part of their expansion, Calmwater Capital has hired veteran commercial real estate finance professional, Michael Giannone as vice president in the new NYC office. The firm has also appointed Jeremy Burton as director of originations in its Los Angeles office.
“Our Greater New York City office ushers in the next chapter of our national expansion strategy,” said Larry Grantham, co-founder of Calmwater Capital. “We saw a void in senior and mezzanine bridge loans that fall outside the capabilities of traditional lenders. These are what our firm has been known for, and we are looking forward to expanding our unique real estate development platform to untapped markets on the East Coast in addition to increasing our practices on the West Coast.”
Giannone will lead the East Coast origination efforts between Boston and South Florida on loans ranging from USD10 to USD100 million and a focus on senior debt, mezzanine debt and construction financing. He has more than ten years of experience in closing multiple senior secured debt loans. His expertise includes real estate finance, asset management, real estate economics, distressed debt and commercial mortgage lending.
“Calmwater Capital has a steady, reliable presence in the market,” says Giannone. “I am excited to build on my experience in originations to develop new opportunities that match Calmwater Capital’s expertise in direct real estate lending.”
Before joining Calmwater Capital, Giannone was vice president of loan originations at Revere Capital. Giannone was responsible for sourcing, structuring, underwriting and closing nationwide senior secured debt loans in the USD3 to USD30 million range. He played an integral role in the asset management of the firms’ portfolio and fund growth.
Burton will lead sourcing, underwriting, and execution of loan opportunities. In addition to helping cover the southern California market he will be responsible for the Midwest, Texas, and Southeast markets.
“I was impressed by Calmwater’s track record, positioning in the market, and room for growth,” says Burton. “I aim to help facilitate the continued grow of the platform.”
Prior to joining Calmwater Capital, Burton was a Vice President at Garrison Investment Group, a private equity firm based in New York. At Garrison he was responsible for the firm’s commercial real estate debt platform. While at Garrison he was also involved in the acquisition of distressed debt and equity opportunities. He began his career at Anglo Irish Bank in New York.
Burton has a Bachelor of Arts in Economics with a minor in Business from the University of Colorado -Boulder.