NAPLES, Fla., Feb. 6, 2013 /PRNewswire/ -- TerraCap Partners is proud to announce it has brought on Stephen E. Good as the firm's new Director of Asset Management. Mr. Good will be primarily responsible for maximizing the value of all TerraCap-owned commercial real estate assets by leading efforts to manage the day-to-day operations of each property.
"As TerraCap continues to grow its $200 million fund for distress situation commercial real estate, we're excited to welcome someone who has been extensively involved in successful turn-around roles of distressed assets in foreclosure or receivership," said Robert Gray, TerraCap's Co-Managing Principal. "Stephen is an experienced real estate manager whose expertise ranges from construction management and leasing strategies to managing portfolios of multiple asset types."
Prior to joining TerraCap, Mr. Good was a Senior Vice President with NAI Hallmark Partners in Jacksonville, Fla. His previous roles with publicly traded Real Estate Investment Trusts (REITs) have included serving the executive team as a Financial Analyst for U Store It and Developers Diversified Realty as a Property Accountant. Mr. Good graduated from Kent State University with a Bachelor's degree in Business Administration with a focus on Corporate Finance. He is a veteran of the United States Army.
"This is a tremendous time to be involved in commercial real estate investing, and I'm very excited to join the TerraCap team as its business plans continue to accelerate with occupancies and cash flows well ahead of schedule," said Mr. Good. "We're pleased to sign several more institutional grade tenants to multiple properties sooner than anticipated and at higher rents than projected."
About TerraCap Partners
Based in Naples, Fla., TerraCap Partners was founded in 2008 by W. Stephen Hagenbuckle to take advantage of the distressed real estate markets in Florida. The firm's first fund, TerraCap Fund I, closed in December 2010 and has executed 15 deep value land investments in high growth markets in southwestern Florida. The firm is currently raising its second fund with an initial target of $200 million. TerraCap Fund II is focused more broadly on southeastern U.S. and mainstream commercial properties. Commercial real estate veteran Robert Gray joined the firm in 2011 as co-managing principal, bringing his experience from a career at JPMorgan, Morgan Stanley and Cantor Fitzgerald.
The firm takes a thematic approach to its investment activities with an emphasis on understanding real estate and migratory trends, banking regulatory pressures, and general market inefficiencies to acquire real estate assets that are mispriced, overlooked or undervalued. TerraCap's prides itself on being able to close transactions quickly with all cash. For more information please visit www.TerraCapMgmt.com.
SOURCE TerraCap Partners