HORSHAM, PA. - Three of a chief competitor's executives have been hired to lead GMAC Commercial Mortgage Corp.'s effort to raise capital and manage portfolios of commercial real estate debt on behalf of investors.
Kurt Wright, Walter Huggins, and Thomas Mattinson were principals in the Debt Advisory Group of Lend Lease Real Estate Investment Inc. in Atlanta. They managed over $8 billion of third-party assets.
They joined GMAC on Sept. 1 and will remain in Atlanta.
The company said the three will help shore up its operation in securities backed by commercial mortgages, providing clients with access to whole loan and commercial-mortgage-backed securities transactions generated from 50 production offices.
Charles E. Dunleavy Jr., president of GMAC Commercial Mortgage, said the new hires will augment its existing funds backed by commercial mortgages and help the company grow in the advisory sector of the market.
GMAC Commercial Mortgage has $1.8 billion of assets under management.