Trecap Taps Former Lehman Exec McNamara

Trecap Partners, which made a splash this month by acquiring Capmark Investments' advisory business, has now made a major hire.

Michael McNamara, a former Lehman Brothers managing director, will oversee acquisitions and dispositions for the Sarasota, Fla., investment-management firm, which was formed about a year ago. McNamara, who was named a managing director, will work out of New York.

The move reunites McNamara with Trecap founder Doug Tibbets, who was president of Equitable Real Estate from 1989 to 1998. McNamara was national head of acquisitions for Equitable while Tibbets was in charge.

McNamara, who joined Lehman in 2001, was one of a handful of principals who oversaw three Lehman Brothers Real Estate Partners funds, which raised $7.2 billion of equity. The management rights to those funds are in the process of being acquired by three other Lehman veterans - Mark Walsh, Brett Bossung and Mark Newman. Walsh, former head of real estate at Lehman, left after the firm's bankruptcy filing in September 2008. Bossung and Newman, co-heads of Lehman's real estate private equity division, have continued to oversee the funds since the filing.

Trecap last week closed on its $19.2 million purchase of Capmark's advisory business, which includes the management rights to three North America funds, a U.K. fund and separate accounts. Combined, the various vehicles have $4.3 billion of assets under management. Thirty Capmark employees, including five senior managers, joined Trecap as part of the transaction.

A Trecap affiliate, Hunt Cos. of El Paso, Texas, supplied $28 million for the Capmark purchase and related costs. Hunt, a diversified real estate firm, has also agreed to provide up to $47 million of additional equity for two similar purchases. Trecap is expected to strike those deals by the middle of next year.

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