Greystone outlines CRE debt expansion plans under new CEO

First Republic’s Gaye Erkan to succeed founder Steve Rosenberg.

Greystone plans to expand its core commercial, multifamily real estate lending and capital markets businesses with a new chief executive at the helm of the New York-based investment manager.

Hafize Gaye Erkan succeeds Greystone founder Steve Rosenberg as CEO effective June 27 and will later commence her executive responsibilities in September 2022. Erkan will report to Rosenberg, who is retaining his responsibilities as executive chair of Greystone’s board.

Rosenberg said Erkan will drive the next generation of Greystone’s investment and innovation opportunities, including the pursuit of organic and inorganic growth opportunities. Erkan and Rosenberg will work in concert on the firm’s growth strategy, starting with technology, operation and talent investments for the core commercial and multifamily real estate lending and capital markets business lines.

Greystone’s joint venture with Cushman & Wakefield will not be interrupted by the new plans. Greystone also plans to expand into new financial service sectors, such as offering a wider range of lending products, private wealth management and real estate and fintech fund management. Erkan and Rosenberg are simultaneously exploring private banking and residential mortgage lending opportunities for the firm.

Erkan joins Greystone after working as co-CEO and president at First Republic Bank. She capped off her eight-year tenure at the San Francisco-based bank in December 2021 and was succeeded by Mike Roffler, who now works as acting co-CEO alongside First Republic founder and co-CEO Jim Herbert.

While at First Republic, Erkan worked as the bank’s chief investment officer, chief deposit officer and co-chief risk officer. From 2005 to 2014, Erkan worked at Goldman Sachs and capped her nine-year tenure there as managing director and head of financial institutions group analytics and strategies.

Greystone last expanded its lending business by rolling out non-recourse stretch construction loans in November 2021 alongside a bigger push into affordable lending with a $500 million investment on deck from Cushman & Wakefield.