CHARLOTTE, N.C., March 4, 2013 /PRNewswire/ -- Thomas K. Sittema, chief executive officer of CNL Financial Group, a leading private investment firm that provides global real estate and alternative investments, has joined the board of managers of Crescent Resources, a real estate investment company based in Charlotte, N.C., focused on multifamily, residential and commercial developments.
Sittema, who joined CNL in 2009 and assumed the CEO position in January of 2011, leads a team that advises four real estate funds and a business development company. Since its inception in 1973, CNL Financial and its affiliates have formed or acquired companies with more than $26 billion in assets.
"Tom brings incredible depth and breadth of real estate investment and capital market experience to our board and will be extremely valuable in helping mold our business strategies," said Todd Mansfield, Crescent CEO. "Success in real estate development today requires a global perspective and innovative ideas, and Tom and our other board members are helping to assure that Crescent remains on the leading edge in all aspects of our business."
Prior to joining CNL Financial, Sittema was managing director of real estate, gaming and lodging investment banking for Bank of America Merrill Lynch serving in numerous capacities, including sector head of REITS and lodging. Sittema led more than $20 billion in M&A transactions, $5 billion in equity offerings and more than $35 billion in debt transactions.
Sittema's career has also included real estate financing and management of the Dallas real estate office for Bank of America and its predecessors. In 2007, he was named one of the "Seven Investment Bankers Every Director Should Know" by Corporate Board Member Magazine.
Sittema, who earned a bachelor's degree in business administration at Dordt College and MBA in finance from Indiana University, serves as Secretary / Treasurer of the Metro Orlando Economic Development Commission, is an Executive Committee Member of the Public Non-Listed REIT Council of NAREIT, and serves as the Chair of the University of North Carolina Charlotte Center for Real Estate Advisory Board.
"Crescent Resources is in an outstanding position to foster true innovation in real estate development because of its seasoned leadership team, strong capital base, proven business approaches and focus on growing markets," Sittema said. "I look forward to becoming a board member of such a dynamic organization that has a long heritage of industry leadership and an even brighter future."
Crescent, founded in Charlotte in 1969, is a diversified real estate firm with 20 master-planned communities and eight multifamily communities with 5,400 units under construction and in predevelopment. The company owns approximately 72,000 acres including 1,400 acres zoned for commercial use.
SOURCE Crescent Resources