Lightstone Capital hires ACORE Capital’s Lance Wright and opens Dallas office – Commercial Observer
Capital of Lightstone Continues Expansion Efforts With The Hiring Of A Commercial Real Estate Veteran Lance Wright to lead lending efforts from a newly opened office in Dallas, the company said Monday.
Wright, who comes from ACORE Capital, will be Managing Director and Origins Manager for Lightstone Capital’s Southwest, Southeast and Midwest regions. The Dallas office will be the New York-based lending platform’s third office, after opening its West Coast office in Los Angeles last month.
“Lance’s experience and industry knowledge will enable Lightstone Capital to become a leading national debt platform” Eugene Rozovsky, senior managing director of Lightstone Capital, said in a statement. “He has extensive and successful experience as a seasoned designer across the country and we look forward to his continued success with us.”
Rozovsky noted that Wright has been Lightstone Capital’s highest-ranking employee since its launch in December 2018, with the move underscoring the firm’s confidence in targeting the center of the country. Wright will lead the creation of senior bridge loans, mezzanine loans and preferred equity investments throughout the Central region. He will also be involved in the sourcing, underwriting, negotiation and structuring of debt investments.
Wright was previously the General Manager of the ACORE Dallas office. Prior to ACORE, he was Regional Director at GE Capital Real Estate, where he oversaw origination efforts in the mid-US. He was named one of the “20 Rising Stars of Real Estate” by News from institutional investors In 2008.
Wright holds a Bachelor of Business Administration in Finance from Southern Methodist University (SMU) and a Master of Business Administration from University of Texas at Arlington. He was a member of the 1986 SMU Mustangs Football Team.
Since launching Lightstone Capital just over two years ago, the real estate debt platform has expanded through a series of deals, including a $ 44 million senior loan for two multi-family development sites. in Santa Monica, Calif., and a $ 42.7 million senior apartment loan. building in Jersey City, NJ The company, which seeks to double its home loan portfolio in 2021, focuses primarily on senior bridge loans, mezzanine loans and preferred stock investments. It currently has more than $ 3.5 billion in development in the residential and hotel sectors.