Company executives say, "The new business line will complementGramercy's core lending platform by extending the duration of thecompany's assets, and enabling it to obtain term financing forfixed-rate loans originated by Gramercy." The new group will focuson investments between $500 million and $1 billion. Thoseinvestments will center on CMBS, REIT debt, credit default swapsand preferred securities, among others.

CEO Marc Holliday says, "We believe this is the right time inthe company's evolution to launch its real estate debt securitiesplatform. Gramercy will now begin to transact within the vastmarket for real estate debt securities, providing a new source ofearnings and enhancing the company's lending and tradingbusinesses. This will become a strategically important businessline for Gramercy's continued growth and industry-leadingperformance."

Romano joins the group from TIAA-CREF, where he was a managingdirector and CMBS portfolio manager. Headquartered in New YorkCity, he oversaw a CMBS and REIT debt portfolio worth $23billion.