Palm Beach Gardens, Fla., November 5, 2010 – Ram Realty Services is pleased to announce that Jim Stine has joined the company as Chief Investment Officer and will assume management responsibility for origination of new real estate investments on behalf of Ram and its affiliated entities. Ram President Casey Cummings has relinquished the CIO position and has been named Chief Executive Officer. Company Founder Peter Cummings will continue to serve as Chairman.
Peter Cummings stated: “I have known and respected Jim for the past 20 years. His addition to our senior management team brings a fresh perspective to the company. He will be a great addition to our group and will help to fuel continued growth in our markets throughout the Southeast.”
Stine is one of the most highly respected real estate professionals in the Southeast, having worked at Ft. Lauderdale-based Stiles Corporation for the past 25 years. At Stiles he also served as CIO, providing strategic direction to the firm’s development, acquisition and asset management departments.
Florida-based Ram pursues the acquisition, development, and redevelopment of commercial, multifamily and mixed-use real estate throughout the Southeast, with a focus on the major markets in Florida, Georgia, North Carolina and most recently, Tennessee. During the past two years, the company has broadened its activities by acquiring in excess of 50 non-performing and sub-performing loans from regional banks and loan servicers. In July of this year, in partnership with Square Mile Partners, a New York-based fund, Ram acquired a $150 million portfolio of defaulted loans secured by retail properties throughout the Southeast.
“We expect distressed debt and recapitalization of capital constrained projects to continue as a major element of our business for the foreseeable future,” said Casey Cummings. “We are fortunate that we had the capital in our Ram Realty Partners II Fund to invest opportunistically during the cyclical bottom. Having both the capital and an operating platform has given us a strong competitive advantage during this severe downturn.”
Cummings went on to say that Ram is also beginning to focus selectively on new development, which has come to a virtual standstill in recent years. Chief Development Officer Mike Hammon has been appointed President of a new affiliated entity focused exclusively on the creation of luxury apartment communities in selected markets. Ram has already identified sites in south Florida, Orlando, the Research Triangle in North Carolina, and in downtown Nashville, Tennessee. In addition to new multifamily development, the Company is actively working on several grocery-anchored shopping center opportunities throughout the Southeast.
“The addition of Jim Stine to our senior management team marks the first change in that team in 10 years,” Cummings explained. “In addition to Mike Hammon, we have been fortunate to have Ivy Greaner serve as our Chief Operating Officer and Dave Dean as our Chief Financial Officer for the past 11 plus years. We see Jim as adding horsepower to that team at a time when acquisition opportunities in the real estate business are the best they have been in 20 years.”