Job Warshaw Resigns From Starwood’s Special Servicer, LNR
Arne Shulkin will take over Warshaw’s role, sources said.
By Cathy Cunningham July 3, 2024 4:03 pm
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LNR Partners’ head of special servicing, Job Warshaw, has resigned after more than 32 years with the company, Commercial Observer has learned.
Arne Shulkin, also a longstanding team member and most recently director of loan asset management at LNR, will step into Warshaw’s role, a source familiar with the move told CO.
Miami Beach-headquartered LNR was acquired by Starwood Property Trust in 2013. Today, it’s one of the largest commercial mortgage-backed securities (CMBS) special servicers globally, and as of last November it special serviced around 177 CMBS deals.
The veteran, highly respected servicing and asset management platform was one of the very first companies in the CMBS industry in the early ‘90s, and has handled more than $89 billion of loan workouts across 7,250 loans since then. It employs roughly 200 employees today, and its seasoned management team has an average tenure of 30 years. Shulkin has been with the company since 1997.
Starwood declined to comment. It wasn’t clear what prompted Warshaw’s decision to exit his role or if he has another job lined up, and he couldn’t immediately be reached for comment Wednesday.
During an especially busy time for special servicing, Warshaw’s departure also comes after Starwood started a new business that taps into LNR’s CMBS loan workout expertise.
In November, the firm announced the launch of Starwood Property Solutions, a third-party solutions business that leverages LNR’s deep experience in asset management and loan workouts. The new platform helps the commercial real estate industry navigate the myriad issues that have materialized as a result of the elevated interest rate environment and ensuing market dislocation, from problem loans to problem assets to problem portfolios, and the overarching decision-making paralysis in an uncertain yet fast-moving market.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
