Jonathan Firestone, formerly of Eastdil Secured, has been hired away by Newmark, where he joins as co-president of global debt and structured finance.
Firestone was at Eastdil for 23 years and most recently served as a managing director, according to Newmark, which announced Firestone's move this week.
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In his tenure at the firm, he played a key role in building its debt, structured finance and loan sale businesses. Firestone has executed $175B in financing and loan sale transactions throughout his career.
Firestone's move comes at a busy time for those in structured finance and debt. Growing levels of distress are keeping debt specialists on their toes, Firestone told Bisnow.
"In these distressed situations, you need somebody that's a subject matter expert on preferred equity, rescue capital and other forms of liquidity to help borrowers hold on to their properties and get through the current market circumstances," Firestone said.
But it isn't all distress out there. There are many things going on at once, he said.
And as opposed to the Global Financial Crisis, when lending and borrowing slowed nearly to a halt, liquidity is reduced but readily available for the right assets and the right sponsors, he said.
"You could spend 70% of your day on new originations for your clients and 30% of the day working with lenders and capital providers who have impaired positions on their books, and then the next day, it could be a 30-70 flip the other way," Firestone said. "But that's the whole point of a debt/capital markets person, a structured finance person that's able to play up and down the capital stack, originate, take apart, restructure."
Firestone said he anticipates that is what he will be busy with for the next two to three years.
The LA-based Firestone will run Newmark’s debt platform with fellow co-President Jordan Roeschlaub, who is based in New York.
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