Job Warshaw Lands at Iron Hound After Leaving Starwood Special Servicer
By Andrew Coen September 27, 2024 1:15 pm
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Job Warshaw, who resigned as head of special servicing for Starwood Property Trust-affiliated LNR Partners in early summer, has landed a new consulting role at Iron Hound Management.
Warshaw, who left LNR Partners in a move first reported by Commercial Observer on July 3, will begin working with Iron Hound on Oct.7, advising on loan workouts and restructurings. He will be based in Miami and spend at least once day a week in Iron Hound’s New York City office.
Commercial Mortgage Alert first reported Warshaw’s move to Iron Hound, which was founded in 2009 by Rob Verrone and Chris Herron.
“I’ve had a ringside seat watching Iron Hound at work since their inception,” Warshaw told CMA. “At the end of the day, the success in this niche business is all about relationships, trying to reset expectations reasonably on both sides of the table.”
New York City-based Iron Hound has developed a niche for navigating often lengthy CMBS workouts. It executed $4.5 billion of restructuring volume in 2023 involving mainly extensions for maturing debt and loan modifications to allow borrowers to implement capital improvements to their properties.
Since inception 15 years ago, Iron Hound has completed in excess of $80 billion in loan modification and debt placement transactions. It is has a current pipeline of
more than 50 assignments totaling more than $9 billion in values.
Miami Beach-based LNR, where Warshaw spent 32 years at, was acquired by Starwood in 2013 and is one the world’s largest commercial mortgage-backed securities special servicers with a portfolio of over 175 CMBS deals. Warsaw began heading up the special service unit at LNR in 2011.
“Job is a great talent with an unmatched level of experience,” Verrone said in a statement. “I’m excited to work on the same side of the table with him and have his counsel across the full landscape of restructuring scenarios.”
Andrew Coen can be reached at acoen@commercialobserver.com
