Sonnenblick's new MD to expand fund-raising.Sonnenblick Goldman announced that Douglas Hercher has joined the firm as managing director and principal.
Hercher will focus on expanding Sonnenblick-Goldman's institutional equity-raising capabilities, including fund-raising for small and mid-sized investment funds Noun 1. investment funds - money that is invested with an expectation of profit
assets - anything of material value or usefulness that is owned by a person or company , and raising project equity for all types of real estate assets.
He will also oversee financing, investment sale and equity joint venture transactions.
Prior to joining Sonnenblick-Goldman, Hercher was a managing director in Lehman Brothers' Global Real Estate Group, where he headed a team of bankers responsible for executing structured equity and debt transactions for major public and private real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. . He also handled investment sales for large institutional quality assets and portfolios.
During his tenure at Lehman, Hercher was involved in more than $5 billion of transactions, including the $365 million sale of a joint venture interest in the Fashion Centre Mall at Pentagon City Pentagon City may refer to:
JBG Jadgbombergeschwader (FRG) Companies and Equity Residential; and the $930 million acquisition of the Hancock Tower Complex in Boston by Beacon Capital.
Hercher was previously an international managing director at 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 was a senior member of that firm's Investment Sales & Finance Group, as well as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. of Jones Lang LaSalle Hotels.
During his 12 years at the firm, Hercher completed more than $6 billion of transactions with investors from around the world and arranged the sale of more than 40 major lodging properties.
"Sonnenblick Goldman is one of a small handful of real estate firms that can genuinely deliver the full spectrum of sophisticated equity and debt structuring advice to its clients. Expanding into the institutional equity market is a natural extension of the firm's already strong real estate investment banking practice," says Hercher.
Steven Kohn, president of Sonnenblick Goldman, comments, "Doug adds a new dimension to our firm and will enable us to target a new group of clients and investors and provide additional services to the company's clients.
"He brings strong relationships and unique transaction experience in a broad range of asset types.
"I'm excited to have him as a partner and see this as one more critical step in Sonnenblick's growth as a world-class provider of real estate advisory services advisory services
advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal ."
Commenting on Sonnenblick-Goldman's future plans, Kohn adds, "We plan to continue aggressively strengthening our existing franchise.
"At the same time, we're exploring longer-term business initiatives, such as opening offices in new markets or creating merchant banking or principal investment capabilities for the firm."