Senlac Ridge Partners Announces Rebranding to GreenBarn Investment Group
David Schonbraun to join as a Managing Partner
Bolsters Senior Leadership Team Following Formation of Partnership with Rithm Capital
MORRISTOWN, N.J., Feb. 2, 2023 /PRNewswire/ -- Senlac Ridge Partners today announced that it has rebranded to GreenBarn Investment Group (www.greenbarnre.com). In addition, the firm announced that David Schonbraun will join the firm as a Managing Partner. Mr. Schonbraun will join David Welsh in leading the firm and expanding its structured credit and opportunistic debt business, following the recent closing of the firm's strategic partnership with Rithm Capital Corp. (NYSE: RITM), a manager of assets and investments focused on the real estate and financial services industries.
Mr. Schonbraun, who was previously Head of US Real Estate Credit at The Carlyle Group and, prior to that Chief Investment Officer of SL Green Realty Corp., will bring his deep experience and wide-ranging expertise to help deploy capital across a range of real estate opportunities including opportunistic loans, securities and hard assets.
The company is changing its name to GreenBarn Investment Group as the firm heads into the next phase of its evolution. In December 2022, Rithm acquired a 50% interest in the firm's operating business and formed a joint venture with GreenBarn for up to $250 million of GP capital to be deployed in its targeted investment strategies. The new investment vehicle will provide GreenBarn with up to $3 billion in buying power to be used for the acquisition of underperforming or distressed assets and loans as well as investing in strategic equity partnerships with best-in-class operators and developers. GreenBarn's strategic partnership with Rithm will help to accelerate its growth in building a vertically integrated and diversified commercial real estate debt and equity business which focuses on a broad range of commercial and residential investment opportunities in select urban and transit-oriented suburban markets throughout the United States.
"We are thrilled to welcome David to our firm as a partner and look forward to benefiting from his exceptional relationship network, expertise and strong track record of performance," commented David Welsh, Founder and Managing Partner, GreenBarn Investment Group. "Over the nearly 20 years that we have known each other, David and I have successfully invested and collaborated on numerous transactions. We believe there is an extraordinary opportunity to deploy capital into underperforming or distressed assets in this current environment and David's deep relationships, coupled with his extensive structured credit and finance experience, will be a huge asset for us as we move to capitalize on real estate opportunities across a diverse range of product types and markets."
"This is a unique opportunity for me to join a talented and committed group of industry professionals to leverage our combined experiences and relationships to pursue value creation both in a transitioning real estate market, as well as over the long-term," said Mr. Schonbraun. "Our extensive expertise in underwriting, acquiring and executing complicated, value-added development and repositioning strategies, identifying unique value creation opportunities, as well as originating and investing in opportunistic debt and structured credit products truly differentiates our capabilities and platform. I look forward to working with David and the GreenBarn team, and partnering with Rithm as we focus on further building a premier real estate investment platform spanning commercial real estate debt and equity."
David Schonbraun brings more than 20 years' experience in the commercial real estate industry in evaluating and investing capital across a broad mix of product type and markets. Before joining The Carlyle Group as Head of US Real Estate Credit, he spent over 19 years at SL Green Realty Corp, and served as Chief Investment Officer. With responsibility for SL Green's real estate equity and debt acquisitions, dispositions, alternative investments, borrowings and structured finance, David has closed over $30 billion in transactions, and was instrumental in the formation of public company Gramercy Capital Corp, a leader in the specialty finance business. He also led SL Green's structured finance and special servicing platforms. Mr. Schonbraun received a Bachelor of Arts degree in economics from Princeton University.
About GreenBarn Investment Group
With offices in Morristown N.J. and New York City, GreenBarn Investment Group (formerly Senlac Ridge Partners) is a vertically integrated investment management firm that utilizes its extensive network and industry experience to acquire and develop real estate assets, make and invest in real estate loans as well as make strategic entity-level and Co-GP programmatic investments with real estate operating companies. The firm is 50% owned by Rithm Capital Corp (NYSE: RITM) and helps lead their commercial real estate platform focused on debt and equity investments. GreenBarn was co-founded in January 2020 by Mr. Welsh and former principals of Normandy Real Estate Partners immediately following the sale of Normandy's fund management and operating businesses to Columbia Property Trust. During the past three decades, GreenBarn's leadership team has led the execution of over $40 billion of real estate equity and debt transactions. GreenBarn invests on behalf of a broad range of domestic and foreign institutional and high net worth investors and currently owns a mixed-use portfolio of approximately 2.3 million square feet with a development pipeline totaling over $1.5 billion.
Media Contact:
Scott Cianciulli
T (212) 739-6753
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SOURCE Senlac Ridge Partners
