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LOS ANGELES-Canyon Capital Realty Advisors and Rexford Industrial LLC have added three new execs lately in hirings that reflect the opportunities that the firms see in changing market conditions and today’s economy. The new hires at Canyon Capital are senior direrctor Richard Bosworth and managing director David Ridini. At Rexford, Patrick J. Schlehuber joins the company as director of acquisitions.

Bosworth joins Canyon Capital in a newly created position in which he will take on responsibility for Canyon’s hospitality holdings around the country. Canyon managing partner Bobby Turner says that 30-year industry veteran Bosworth’s strong experience in hotel operational management, investments and special servicing will come into play “as we actively seek new opportunities around the US.”

Since the mid‐1990′s, Bosworth has been heavily involved in the bank workout process and managing nonperforming loans, many of which were assets originated by failed S&Ls. After the travel industry downturn in 2001 and the subsequent illiquid capital markets for hospitality finance, he assisted the five top-rated special servicers with their nonperforming hotel and casino loans.

Immediately before joining Canyon, Bosworth was president and founder of the NTH Advisory Group LLC, a development and advisory company specializing in the casino, hotel and restaurant industries. He also served as COO of the Bond Cos., a mixed‐use real estate development firm specializing in residential, commercial and retail projects across the US, including the Sunset and Vine project in Hollywood. His career includes a number of management posts with other prominent firms, including Marriott Corp., Servico Hotels and Resorts and Tara Hotels.

Ridini, who will lead Canyon’s investment activities in the Northeast US, was a managing director in the Global Commercial Real Estate Group of Lehman Bros. in New York City before joining Canyon. Turner notes that Ridini, who will be based in Canyon’s New York City office, has originated and managed a huge volume of deals throughout his career.

At Lehman Bros., Ridini was responsible for originating and structuring capital for real estate investments on a national platform. Before that, he was a vice president at GE Capital Commercial Real Estate, where he originated, structured and underwrote transactions, restructured debt, negotiated leases and repositioned foreclosed properties and loans.

Ridini joins a growing Canyon team that is assisting a wide variety of entities impacted by the ongoing dislocation of capital in the real estate markets. Since the credit crisis emerged, Canyon has worked with a diverse group of developers, owners and operators of real estate, REITS, banks, private equity realestate funds, hedge funds and mezzanine funds to help them meet liquidity needs, complete construction, or achieve refinancing objectives.

Schlehuber, a 10-year veteran of real estate finance and transactions, served as a transaction officer with First Industrial Realty Trust before joining Rexford. Howard Schwimmer, Rexford’s senior managing partner, notes that Schlehuber’s tenure at First Industrial included responsibility for industrial investments in Southern California.

Rexford managing partner Michael Frankel adds that, while many companies have either reduced or let go of their acquisition teams, Rexford is using the current market turmoil as a time to grow its team. He says that Rexford’s business model “is designed to thrive during times of economic uncertainty” by capitalizing on the “dramatic reduction in buyer competition.”

Frankel says that current conditions constitute “an ideal time in the market cycle” for Rexford to be expanding its acquisitions staff. He cites the “dramatic, increasing volume and quality of investment opportunities” that Rexford is pursuing, describing the Los Angeles-based industrial specialist as “a well-capitalized buyer with a value-driven, conservative approach to investing.”

Rexford is focused on acquiring stabilized industrial property at favorable cash yields, as well as value-added properties that offer opportunities to increase cash flow and value through the modernization, improvement and signing new tenants.

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