There’s a new CEO at Square Mile

Craig Solomon takes top role as founder steps back from lender's operations

The Factory Building in Long Island City and Craig Solomon
The Factory Building in Long Island City and Craig Solomon

Square Mile Capital Management [TRDataCustom] tapped Craig Solomon as its new CEO while founder Jeff Citrin will step back from day-to-day operations, the real estate investment firm announced Thursday.

Solomon and Citrin, who co-founded Square Mile in 2006, serve as joint managing principals. As of July 1, Citrin will be an adviser to the firm and vice chair of the board.

Prior to launching Square Mile Solomon was a partner at law firm Solomon and Weinberg and a founding principal at finance firms SWH Realty and Platinum Funding, according to Square Mile’s website.

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Square Mile is an active lender in New York’s commercial real estate market. Earlier this year it financed Sam Chang’s Hyatt Place hotel development with $25 million in preferred equity.  The firm owns a stake in the Factory Building in Long Island City. — Konrad Putzier

(To view more of Square Mile Capital Management’s financing transactions, click here)