Former Bank of America Executives Start Heritage Realty Capital
Heritage Capital Group Inc., a Jacksonville, Florida-based broker-dealer, has formed a real estate investment bank run by former Bank of America Corp. (BAC) executives.
Heritage Realty Capital, run by William Nicholson and Michael Case, will find debt and equity investors for commercial properties, Case said in a telephone interview. The firm will target projects between $25 million and $50 million, he said.
The group plans to capitalize on the difficulty some funds have had raising cash to invest in real estate after the property bubble burst in 2007. Heritage Realty secures financing for individual properties, meaning investors will be able to assess each project rather than handing over money for unspecified deals, Case said.
“Traditional sources of equity have been burned and so there’s a lot more hesitation by a number of groups to go into these blind pools,” Case said. “I think the market will be very receptive to something that has a little more transparency to what they are investing in.”
Nicholson, 65, was previously a managing director in the real estate advisory group at Bank of America based in Jacksonville, Florida. Case, 34, spent 10 years at Bank of America in various positions in the bank’s real estate capital markets group in New York.
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