By Joy Wiltermuth
Tue Oct 7, 2014 2:53pm EDT
NEW YORK, Oct 7 (IFR) - Paul Smyth, a commercial real estate executive known for helping clean up defaulted CMBS loans after the financial crisis, has joined Credit Suisse to assist in building out the bank's new CMBS loan-origination platform, a person familiar with the matter told IFR on Tuesday.
Smyth was formerly president of one of the nation's largest handlers of problem CMBS loans, C-III Asset Management, a unit of C-III Capital Partners, owned by Andrew Farkas's Island Capital Group.
In 2010, Smyth joined Island Capital from Centerline Capital Group, whose commercial real estate fund management, CDO management and special servicing operations were acquired and renamed C-III.
Last year C-III originated US$540.8m in CMBS debt but it has seen a less robust pace this year, with only US$177m originated as of the second quarter, according to Fitch Ratings in August.
Credit Suisse meanwhile has won some high-profile lending assignments in its first year since Mark Brown joined the bank to restart CMBS origination following the financial crash.
Some of its biggest deals include a US$1.4bn Mall of America refinancing, which closed in September.
A spokesperson for C-III confirmed Smyth's departure but declined to comment further, as did a spokesperson for Credit Suisse. (Reporting by Joy Wiltermuth; Editing by Natalie Harrison and Marc Carnegie)
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