The Los Angeles office will focus on directly originating and servicing floating rate first mortgage loans, fixed rate first mortgage loans and credit tenant net lease investments in the western US. As of June 30, 2005, approximately 16.5% of Gramercy's investment portfolio was secured by properties in the West.
Marc Holliday, CEO of Gramercy Capital Corp., says the company wants to enlarge its investment portfolio on the West Coast. He notes that the expansion into L.A. comes less than a year after Gramercy's initial public offering in August 2004.
Holliday says Maddox, who has spent more than 20 years in real estate finance, provides Gramercy with experience in the local property markets and a network of borrower relationships throughout the region. Gramercy is externally managed by GKK Manager LLC, a majority-owned subsidiary of SL Green Realty Corp.
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