Ramsfield Hospitality Finance started by Richard Mandel.In response to a distressed hospitality real estate sector, Richard Mandel, former president of Kennedy-Wilson Inc.'s Commercial Investment Sales Group, has formed Ramsfield Hospitality Finance (RHF RHF Rec.humor.funny (newsgroup) RHF Restricted Hartree-Fock RHF Royal Highland Fusiliers RHF Retirement Housing Foundation (Long Beach, California) RHF Right Heart Failure (medical) ), a new investment firm set up to provide mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the for hotel owners and investors. Mandel's joint venture partner is an affiliate of Cargill Value Investment, based in Minnetonka, Minn. "The time is right to launch Ramsfield Hospitality Finance as we feel hotel property values are close to bottoming," says RHF president Richard Mandel. Ramsfield Hospitality Finance will provide subordinate loans ranging from $3 to $12 million on properties located in the top 25 U.S. hotel markets and that are valued at $15 million to $60 million. "Our capital will be competitive and our execution streamlined so that we can quickly respond to borrowers' needs," Mandel stated. Mandel brings a wealth of success to his new venture. Under his leadership at Kennedy-Wilson, the company completed transactions valued at over $3 billion in a five-year period. Mandel also founded Kennedy-Wilson's Japan operation, which he later spun off as a separate public company. Helping Mandel build the business at Ramsfield Hospitality Finance is managing director, Raymond M. Anthony, a 20-year veteran in real estate lending. Anthony is responsible for originating, structuring and acquiring collaterized financing on hospitality properties. Anthony was previously a principal and the chief investment officer of Allegiance Capital Partners, a boutique financial institution providing structured mezzanine loans A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). and investments behind restricted first mortgage loans on commercial real estate. He was also a managing director with Nomura Securities' Real Estate Division and a past president of the Commercial Mortgage Securities Association (CMSA CMSA abbr. Consolidated Metropolitan Statistical Area ). Rounding out the new RHF team is senior associate Erik Warner, who will mainly underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. potential investments, compile due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and asset manage RHF's investments. Warner was formerly a senior associate with Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. , where he worked with the international advisory/banking group for the lodging and gaming industry. |
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