Michael Fascitelli has taken over Cadre’s investment committee as its chair and senior adviser. The former Vornado Realty Trust CEO will now approve all deals and advise the management of the real estate finance startup, which is backed by Jared and Joshua Kushner.
Cadre, which has raised $68 million in venture funding, is an online real estate investment platform targeted to family office, pension funds and institutional investors. Cadre invests directly in real estate assets, only to pass its own investment on to its clients via the platform.
Fascitelli, who left Vornado in 2013, previously sat on Cadre’s investment committee, but will now assume an expanded role. He also runs development firm Imperial Companies, which partnered with Thor Equities last year to buy 71 sponsor units at the Apthorp on the Upper West Side for $112 million.
In July, the startup hired the former Starwood Capital Group executive Marcos Alvarado as its head of acquisitions. Cadre’s investors include Joshua Kushner’s Thrive Capital, Alibaba founder Jack Ma and Goldman Sachs. [NYP] — Konrad Putzier