Ex-bankers in new venture

THREE former Morgan Stanley real estate bankers have launched a new advisory and property re-structuring firm.

John Carrafiell, Sonny Kalsi and Fred Schmidt have launched GreenOak Real Estate, to take advantage of an expected surge in distressed loan disposals, along with asset firesales and mortgage-backed security (MBS) workouts in Europe, Japan and America.

GreenOak has secured a $10m (£6.3m) working capital loan and a $100m co-investment commitment from Amsterdam-listed investment company Tetragon Financial Group Limited, in exchange for 10 per cent equity stake in the real estate venture.