Cantor Real Estate Acquires Ranieri Distressed Property Investment Firm

By Keith Loria, Contributing Editor

Cantor Real Estate L.P., a subsidiary of Cantor Fitzgerald L.P., has acquired RREP Recovery Partners Manager L.L.C. from Ranieri Real Estate Partners L.P.

RREP Recovery Partners is led by Jon Vaccaro and Eric Schwartz. Under the purchase agreement, the firm will become part of Cantor Real Estate.

“We are going to leverage the success and track record of the fund to launch other investment vehicles at Cantor, including potentially raising REIT debt capital,” Vaccaro, RREP Recovery Partners’ CEO & founding partner, told Commercial Property Executive. “We have the ability to bring additional sources of capital to the real estate investment management business and will benefit from the tremendous synergies within the Cantor franchise.”

According to Vaccaro, at Cantor, RREP Recovery Partners will continue to provide the investment performance on behalf of investors in the RREP Recovery Partners fund to which they are accustomed in order to ensure a seamless transition. The team will continue to acquire distressed assets from financial institutions, owners and operators, as well as originate subordinate debt and equity investment opportunities.

RREP Recovery Partners L.P. invests across all property types and creates value through special servicing, loan modifications, restructuring and other activities aimed at asset resolution. Its clients include pension plans, money managers and foundations.

“Cantor is fully committed to growing our presence throughout the real estate industry,” Howard Lutnick, Cantor Fitzgerald’s chairman & CEO, said in a company release. “Our acquisition of RREP Recovery Partners reflects the continued growth of our real estate and asset management businesses and investments. We are confident that RREP Recovery Partners’ highly respected team will complement our seasoned management and strengthen our rapidly growing real estate investment management platform.”