Coastal Realty Launches, Targets Distress

Burton notes that CRC's team provided acquisition due diligence on over $10 billion of non-performing loans in the past year. "Clearly there is a need for people with both distressed debt and real estate experience," he says.

[IMGCAP(2)]Karny points out that the CRC team members' workout experience started in the early days of the Resolution Trust Corp., the agency that the US government established in the wake of the savings and loan industry collapse in the previous US economic downturn. Karny, Burton and Moore "underwrote, acquired and managed thousands of distressed assets," he says.

The three principals of CRC have over 70 years of experience working with institutional investors in both debt and equity, Moore points out. He says CRC's goal is to maximize individual asset and portfolio value through comprehensive analysis, financial modeling, pricing strategy and creative problem solving, working on assignments ranging from single assets to billion-dollar portfolios.

[IMGCAP(3)]Before forming Coastal Realty Capital, Burton was vice president and senior credit officer with iStar Financial following iStar's acquisition of Fremont Investment & Loan.  At Fremont, he spent five years on the investment committee, where he was responsible for review and final approval of commercial real estate construction loans originated from 10 offices across the US. Before Fremont, he was with the Archon Group for seven years, working with distressed debt investments.

 Karny was previously vice president of iStar Financial, where he was responsible for the loan syndication platform and whole-loan portfolio sales.  During his 10 years with Fremont Investment & Loan, he started a syndication group for the bank and originated and structured more than 70 loans for opportunistic commercial real estate projects. Before joining Fremont, he worked on acquisition, asset management and disposition of large portfolios of non-performing loans as vice president of The J.E. Roberts Cos. and the Archon Group.  Karny spent three years with Glendale Federal Bank as vice president of special assets.

Moore was vice president, senior loan originator with iStar Financial, where he was responsible for sourcing, underwriting, structuring, and negotiating senior and mezzanine debt for all property types throughout the southeast region of the US. Before iStar's acquisition of the commercial division of Fremont Investment & Loan, Moore was vice president and senior loan originator with Fremont's southeast office. He spent five years working as vice president, southeast regional manager for Wells Fargo Bank's Real Estate Appraisal & Consulting Group.