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Carmel Partners Hires Former Veritas Exec To Lead Investments

Carmel Partners Hires Former Veritas Exec To Lead Investments

Bryan Crane, most recently at Veritas, will join Carmel Partners as chief investment officer and managing partner this month, Carmel announced in a news release.

San Francisco-based Carmel Partners focuses on multifamily housing development on both coasts, as well as in Denver and Honolulu. Crane will be based in San Francisco and oversee the real estate team.

“I’m confident that Carmel’s differentiated platform, thoughtful strategy and deep experience in multifamily will continue to be successful,” Crane said in the release. “I look forward to adding my expertise and insights to help lead a robust and enduring organization.”

Crane most recently served as Veritas’ chief investment officer, leading investments and portfolio management and overseeing the firm’s expansion into Seattle.

Veritas was the largest multifamily landlord in San Francisco until the company defaulted on mortgages tied to dozens of San Francisco apartment buildings last fall and a public auction was held last Friday. No bidders emerged for the 62 distressed apartment buildings, the San Francisco Chronicle reported.

Brookfield Properties controls the mortgages after a deal cut earlier this month in which the firm, along with Ballast Investments, purchased 76 loans on former Veritas properties.