Berkadia lures CBRE financing heavyweight Charles Foschini
As part of its plans to expand in South Florida, mortgage brokerage Berkadia has lured away CBRE Vice Chairman Charles Foschini to become its new senior managing director.
Foschini spent nearly two decades at CBRE arranging big-ticket financing packages for commercial and multifamily properties both within and outside of Florida, totaling roughly $15 billion in loans over his career so far.
Berkadia made contact with Foschini several months ago, he told The Real Deal, and he liked that their business model solely centered around financing in the realm of capital markets.
He also pointed out that as Miami grows in prominence, more companies are cropping up and fighting for market share with long-standing firms, especially in the real estate industry.
“For many years there was not a large number of folks who did business down here in terms of corporate personalities,” Foschini said. “That is quickly changing.”
Foschini isn’t leaving alone: Chris Apone and Lourdes Carranza-Alvarez have moved to Berkadia, marking the second top-producing team at CBRE to head for the exit in recent months.
In July, CBRE veteran Robert Given, who spent more than 10 years at the firm, jumped to competitor Cushman & Wakefield along with his eight teammates. The hire was a big win for Cushman, which has been rapidly growing its presence in South Florida ever since being acquired by DTZ for $2 billion.
Similarly, Berkadia has doubled-down on its business in Florida over the past two years, doubling its volume of financing deals from a total of $490 million in 2014 to $1.04 billion in 2015.